FX.co ★ Technical analysis on XRPUSD for October 24th, 2023.

Red line- major resistance trend line

Black line- support trend line

Yellow rectangle- horizontal resistance area

Blue lines- trading range

XRPUSD is trading around $0.57 today. Today's price action is promising as price is breaking above the yellow rectangle resistance area and XRPUSD is also breaking above and out of the trading range it was over the last 2 months. If bulls manage to maintain price above $0.55, then there is potential for XRPUSD to continue even higher towards the next major resistance at $0.75. Bulls need to break above $0.75 in order to hope for a bigger bounce towards the major red resistance trend line. Inability to break above $0.75 will result in the formation of a new lower high and the reversal back towards the black long-term support trend line. Short-term momentum is bullish. Bulls want to close the week above $0.55.