Red line -major horizontal resistance
Violet lines- Fibonacci retracement levels
Green line- support trend line (broken)
XRPUSD is trading around $0.46. Price is under pressure after breaking below the short-term support of $0.5050. Price is vulnerable to move even lower towards the $0.44 level. The rejection at the major horizontal resistance at $0.55 played an important role in the current weakness. Inability to break above key resistance brings reversal in near term trend. Price has so far retraced 50% of the last upward move and has the potential to move towards the 61.8% retracement level. Short-term trend has changed to bearish as price is making lower lows and lower highs. Key short-term resistance is now at the recent lower high of $0.5445. Bulls need to recapture this level in order to regain control of the trend.
