FX.co ★ Major weekly breakout in XRPUSD.

XRPUSD is trading above $1.20 after a very strong weekly breakout candlestick. Price has fulfilled even our second target of $1.10 continues higher. Price has broken the major resistance area of $0.65-$0.75 and with the bullish flag pattern has targeted higher levels.

A similar strong weekly candle we see back in April. Then price made a top around $1.97 and the started the pull back that lead to a higher low around the 78.6% Fibonacci retracement of the entire upward move. In many previous posts we talked about the possibility we see now the start of the next major upward movement that will eventually push price to new all time highs. Price structure justifies a pull back towards $1 but not below $0.50, if this is the next upward leg.