FX.co ★ XRP/USD breaks below major support

XRP/USD is trading below $0.60 having broken below the major support area of $0.65-$0.75. XRP/USD is now trading at the 78.6% Fibonacci retracement of the entire upward move that started from $0.17 back in December of 2020.

Back in April it was big news when price was breaking above the $0.65-$0.75 major multi year resistance. A back test of this break out zone was expected, however a break below this support area (previously resistance) is not a good sign. Price has retraced more than the 78.6% of the entire upward move from $0.17 to $1.97. So far the signs are not very optimistic for XRP/USD as a new low towards $0.40-$0.20 should not be excluded.