Red line- resistance
Violet lines- Fibonacci retracement levels
Green line- support trend line
XRPUSD is trading around $0.5182. Short-term trend remains supported as price continues making higher lows since April 4th. The initial test of the horizontal major resistance at $0.55 was a failure. Price once again got rejected around the $0.55 resistance level. Short-term support is found at $0.5035. XRPUSD still has the potential to move higher towards the 23.6% Fibonacci retracement of the entire decline since its 1.9617 2021 high. Since the bottom at $0.30, price mostly moves sideways between $0.55 and $0.30. Currently price is very close to key resistance. Bulls need to break above the $0.50-$0.55 level in order to strengthen the bullish momentum.
