10.06.202116:00 Forex Analysis & Reviews: XRP/USD remains trapped inside a bearish short-term channel

XRP/USD does not follow Bitcoin's upward move and remains inside the short-term bearish channel. Price remains below the key resistance at $1,06 and above the key support at $0.65-$0.75.

Exchange Rates 10.06.2021 analysis

Red lines- bearish channel

Red rectangle- resistance

Green rectangle -support

XRP/USD bulls need to recapture $0.91 in order to exit the bearish channel and push price towards the major resistance of $1.06. Inability to do so will bring price lower towards $0.75 as a rejection at the upper channel boundary, will push price towards the lower channel boundary. Price is making lower lows and lower highs. No change in trend. No sign of a reversal yet.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2021
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