Price action in XRP/USD can not be characterized as bullish. Price has confirmed the importance of the $1.06 resistance and was rejected at that price level several times. Price formed a bearish channel in the short-term, but even exiting the bearish channel, was not followed by a move higher towards $1.
Red line -support trend line
Green rectangle- major support
XRP/USD remains above the key long-term red trend line and above the breakout area of $0.65-$0.75. Inability to push price towards the key resistance of $1.05, will most probable lead to a deeper pull back towards the red trend line and inside the green area. Price is vulnerable to another move lower as long as price is below $1.06.
