FX.co ★ Short-term XRPUSD analysis.

XRPUSD got rejected at key Fibonacci resistance level of $1.20 and has pulled back towards $1.05. Price is still trading inside a bullish channel and as long as price holds above the key $1-$0.98 support, bulls will have the upper hand.

Black lines -Fibonacci retracement

XRPUSD has resistance at $1.20-$1.23. Breaking above it will push price fast towards the 78.6% retracement around $1.29. It is important for bulls to stay inside the bullish channel and at the same time continue making higher highs and higher lows. The big question is whether XRPUSD has already made a major bottom and it is at its early stages of an upward movement, or there is still more downside to be seen and bulls are unable to break above $1.30-$1.40. The $1-$0.98 level is the key to this question. As long as we hold above it, XRPUSD could continue higher and even make new 2021 highs.