08.05.202110:40 Forex Analysis & Reviews: Short-term trading plan for XRP/USD

XRP/USD is forming a triangle pattern in the short-term and traders could take advantage of the break out if and when it happens in order to ride the short-term momentum. Price is now just below $1.60 and if price breaks the triangle to the upside, we could see a sharp move higher.

Exchange Rates 08.05.2021 analysis

Red lines -triangle pattern

The upper triangle boundary is at $1.64 and the lower triangle boundary is at $1.51. If price breaks above $1.64 we will have a bullish signal. If price breaks below $1.51 we will have a bearish signal. Major short-term support is at recent low at $1.31. If the triangle is broken downwards, the support at $1.31 will be challenged.

Exchange Rates 08.05.2021 analysis

Blue lines - expected size of upward movement if triangle is broken upwards

XRP/USD if it breaks above $1.64 our upside target will be at $1.88. The area around $1.88 is also important horizontal resistance. Breaking above this resistance will increase chances of a move above $2 towards $2.30.

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

Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2021
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