23.09.202116:42 Forex Analysis & Reviews: Has XRPUSD finished its pull back?

XRPUSD made a low $0.85 area. As was expected a few days ago when price was above $1, price has pulled back and declined towards our $0.86 target. Now price has already retraced 61.8% of the entire rise from $0.51 to $1.41.

Exchange Rates 23.09.2021 analysis

Green lines - Fibonacci retracements

Red lines - Fibonacci extension targets

XRPUSD is bouncing off the 61.8% retracement level. The entire decline from $1.41 could very well be over, however confirmation for this will come at much higher level. If price continues to hold above $0.85, we could see the next leg higher towards $1.75. Resistance is at $1.12, $1.24 and $1.41. Bulls need to start making higher highs and higher lows and eventually break these resistance levels. If that is ok, we should see $1.75 next. If price fails to hold support and recent lows at $0.85, we should then see a deeper pull back towards the 78.6% Fibonacci retracement.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Alexandros Yfantis,
Chuyên gia phân tích của InstaForex
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