Red lines- Fibonacci retracements
Green line- resistance trend line broken now support
XRPUSD is trading around $0.4824 after getting rejected for the second time at the 38% Fibonacci retracement at $0.5280. This is the second attempt to break above this important Fibonacci resistance. This price action confirms the importance of the resistance at $0.52-$0.53.The rejection is a sign of weakness. It is expected to see selling pressures on XRPUSD and might see another retest of the broken green trend line. This means that we could see a back test reach as low as $0.40. Only a break above $0.52-$0.53 would eliminate our fears for a big pull back. Until price breaks the resistance, XRPUSD will remain vulnerable to another pull back.
Relevance up to 13:00 2022-10-12 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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