Elliott Wave

XRPUSD short-term analysis for October 28th, 2022.

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Red rectangle – resistance

Green rectanlge- support

XRPUSD is having a quiet day with decreased volatility as price is hovering around $0.46-$0.47. Price remains inside the trading range between $0.54 and $0.42. There is no clear trend in the near term and that is why traders need to be very cautious. A break above $0.54 will be big news for XRPUSD as it will increase the chances of a major upward reversal and the start of a new bull trend. Price has already made a first upward wave from $0.28, a second upward wave could be stronger and could push price to $0.83 or even higher. Failure to hold above $0.42 will lead price towards a bigger pull back lower near $0.36 at least.

The material has been provided by InstaForex Company – www.instaforex.com