24.10.202109:29 Forex Analysis & Reviews: XRPUSD remains below key resistance.

XRPUSD continues to trade above the $1 short-term support level and below the key resistance area of $1.15-$1.24. Price has made no real progress the last few days and traders need to remain patient.

Exchange Rates 24.10.2021 analysis

Orange lines - resistance trend lines

Blue line- support trend line

Red rectangles- lower highs

XRPUSD is forming lower highs (red rectangles) as price touches the resistance trend lines. This is not a good sign. On the other hand price continues to respect the blue support trend line. This is crucial for bulls. Things are simple with XRPUSD. Break above $1.15-$1.24 and price will continue higher at least towards $1.40-$1.50. Break below $1 and price will be vulnerable to a move towards $0.85.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Az InstaForex elemző szakértője
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