FX.co ★ XRP/USD short-term analysis and expectations.

XRP/USD briefly pushed above $1.06 resistance today but bulls seem unable to hold above it. Fake break outs are usually worse than rejections as they lure in many traders with a fake signal. It is too early to call this signal a fake one. Bulls could make another try on $1.06 over the next few hours but the longer it takes to break it, the harder it will get.

Red lines - Fibonacci extensions

After the low on May 23rd XRP/USD is making higher highs and higher lows. This is important for bulls and they will need to continue this way. Price has bounced and stopped the decline right at the major support and previous major resistance area. This is also another bullish sign. However in order to hope for a move above $1.97 bulls will need to show more signs of strength. XRP/USD could reach $1.20 and $1.45 over the coming days, but failure to hold above $0.80 could lead to a sell off towards $0.60. So far it seems like bulls are about to retake control of the trend but still there is nothing clear in the short-term. Traders need to be cautious.