XRPUSD provided us a few days ago a bullish signal when price broke out of the bearish channel. Our target was at $0.97 where the 50% Fibonacci resistance was found if price were to break above $0.91. Price did exactly that but we also saw a rejection at that resistance.
Red lines -Fibonacci retracements
XRPUSD has formed a short-term bullish channel as price is making higher highs and higher lows after the December 13th low at $0.75. Channel support is found at $0.91-$0.90. What was yesterday resistance is now support. Price has already retraced 50% of the entire decline and as long as price is above $0.82, we could next see a move towards the 61.8% retracement level at $1.06.
