XRPUSD remains supported

XRPUSD remains on track to our bullish scenario for a break towards $1.80 and higher over the coming weeks. XRPUSD has pulled back as a back test of the breakout area around $1.13. Price continues to respect key support trend lines, while at the same time, a bullish pattern is being formed.

Red line - resistance

Green line - support

Blue line- Fibonacci extension target

XRPUSD has broken above the resistance trend line and is now back testing it. Holding above both the red and the green trend line is key for the short-term trend. Bulls have now formed a higher low around $1.18-$1.20 and are ready to continue higher and break recent highs. As long as price is above the green trend line, bulls will be in control of the short-term trend. Upside potential remains at $1.75, which is our first target. However reaching that level will most probably lead also to a new higher high above $2.