Red line -resistance trend line
Blue line- horizontal resistance
XRPUSD is trading around $0.33 as price has made no real progress over the last two months. Price is mostly moving sideways inside a trading range between $0.38 and $0.29. Medium-term trend remains bearish for XRPUSD. Price so far has been rejected two times at the blue horizontal resistance confirming the importance of the $0.38 price level. As long as price is below this resistance, we can expect even new lower lows below $0.28. Bulls so far seem unable to produce a significant bounce higher even as a counter trend rally. Of course the major test and resistance for bulls would be the red downward sloping resistance trend line. Breaking above this red trend line could signal the completion of the decline from its 2021 highs.
