FX.co ★ XRP/USD up against major short-term resistance

XRP/USD has bounced back to its important resistance area of $1.55-$1.65 after touching our first pull back area of $1.35. Bulls need to break above the resistance area over the next couple of days, otherwise a rejection will follow and price might fall back to $1.35 and maybe lower.

Blue lines - Fibonacci retracements

So far XRP/USD retraced 38% of the rise and is now back up inside the resistance area. Traders need to be cautious and not over optimistic. Bouncing off the 38% retracement is a good sign but also justified. Bulls need to break above the resistance area. Support is found at $1.52 and next at $1.37. If these levels are broken, then expect XRP/USD to push lower towards $1.18-$1. A break above resistance area will open the way for a move towards $1.80-$1.85 before breaking to new 2021 highs.