Red lines- trend line resistance
Green rectangle- neckline support
Yellow lines- head and shoulders pattern
XRPUSD has bounced off the important neckline support of $0.29. Price has bounced above the red resistance trend line but is still below the recent shoulder of $0.41. The bounce is not as strong as bulls would want to see, taking into consideration that we exited above the red trend line as well. The bearish head and shoulders pattern confirms the importance of the support at $0.29. If broken we could see price move towards $0.05. The price of XRPUSD also reflects the waiting stance traders have because of the pending result of the lawsuit by the SEC.
