Forex Analysis & Reviews: Weekly analysis on XRPUSD for June 13th, 2023
Yellow rectangle- resistance
Green lines- Fibonacci extension targets
XRPUSD is trading today around $0.55 above the major resistance area. So far price got rejected twice at the $0.52-$0.55 resistance area we mentioned several times in previous posts. Today price is breaking above the resistance level but it is important for bulls to see at least a weekly close above $0.52 first.
XRPUSD hasn't made a weekly close above $0.52 for a long time and if bulls manage to maintain price above it, it will be the first big step for the next upward wave that could bring price towards $0.70. Bulls need to hold price above the yellow rectangle resistance area. Recapturing $0.55 would be an added sign of strength. Short-term support is at least week's low at $0.47. Bulls do not want to see price break below that level.
