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22.01.202218:30 Forex Analysis & Reviews: XRPUSD breaks below key long-term support.

XRPUSD has broken below the key long-term support at $0.65. XRPUSD not only has the SEC lawsuit as a major burden, it's price behavior is also closely tied to major cryptocurrencies like Bitcoin, thus the recent selling pressures could not leave XRP unaffected.

Exchange Rates 22.01.2022 analysis

Red line -major resistance

Green lines - support trend lines

On a weekly basis price is about to break below the key upward sloping green support trend lines. XRP is approaching the June - July lows around $0.50. This is the last support level until $0.35. Even in the Daily chart the RSI is not providing any bullish divergence. Technically XRP should continue lower with bounces higher on the way to form lower highs. It is clear that bears remain in control of the trend in XRP. There is no sign of a reversal, on the contrary, currently it looks more probable for price to break next support level.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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