FX.co ★ XRP challenges major resistance

XRP/USD today briefly moved above key resistance levels of $1.60-$1.66 and reached as high as $1.70. However price has moved back towards $1.60 so we can not say yet that resistance is broken. So far price is supported and there seems to be a differentiation from the rest of the crypto market and specifically from Bitcoin.

Red rectangle- resistance area

Blue lines - support

Green line- major support area

XRP/USD best scenario for bulls is to see price break above the red resistance trend line and the horizontal resistance area. This would signal that a move above $2 is coming over the next couple of weeks. However traders should also take into consideration more bearish scenarios. In case price gets rejected at $1.60, we could see a pull back towards the blue support trend lines. First pull back target could be at $1.32. Next target would be at $1.15-$1.25. My primary scenario sees price break out soon and break above $2 targeting first $2.08 and next $2.65.