Red line- major horizontal resistance
Green rectangle- major support area
In our previous analysis we noted that XRPUSD was in a bullish break out mode and that upside potential was towards $0.57 and the September 2022 high. Price today reached as high as $0.5823 surpassing our target. Short-term trend remains bullish as price continues making higher highs and higher lows. Support at $0.43 has held and price has moved higher as expected. If bulls continue to maintain control of the trend, then our next target would be around $0.69. Bulls must focus on a weekly close above $0.57. This would be an important win for them. A rejection at $0.57 could lead to a pull back towards $0.45.
