Red line- major resistance trend line
Green rectangle- support
The weekly candle in XRPUSD has tested the major horizontal support area successfully. Price respected support and is now bouncing higher. Price remains below the key downward sloping resistance trend line. Resistance is found at $0.37. As long as price is below this level bears remain in control of the trend. This week’s low at $0.2985 is key support. Failure to stay above it can lead XRPUSD towards $0.20-$0.15. On the other hand a break above the red trend line could be the start for a new upward move that could bring price towards $0.55 at least.
The material has been provided by InstaForex Company – www.instaforex.com
