So far the worst possible scenario for XRP has been confirmed. Price broke below the key support levels of $1,2 and $0.83 and has tested the major support, previous resistance area of $0.65-$0.75. Price today bounced off this break out area and so far we have a bullish back test of broken resistance.
Red line - support trend line
XRP/USD is now trading above $0.85 again. It was only a one and a half month ago when prices were challenging the green rectangle area and were breaking out. Now price is back testing the support around this level. Bulls need to respect both the upward sloping red support trend line and the horizontal support. Bouncing off the support level is a bullish sign but it is still too early to call a major low in.
