Red lines- Fibonacci retracements
Green line- resistance trend line broken now support
XRPUSD is trading around $0.4824 after getting rejected for the second time at the 38% Fibonacci retracement at $0.5280. This is the second attempt to break above this important Fibonacci resistance. This price action confirms the importance of the resistance at $0.52-$0.53.The rejection is a sign of weakness. It is expected to see selling pressures on XRPUSD and might see another retest of the broken green trend line. This means that we could see a back test reach as low as $0.40. Only a break above $0.52-$0.53 would eliminate our fears for a big pull back. Until price breaks the resistance, XRPUSD will remain vulnerable to another pull back.
