FX.co ★ XRPUSD tests channel resistance at $0.84.

XRPUSD had two positive days after making a low around $0.7578. Price has bounced towards the bearish channel upper boundary near $0.85. This is important resistance as price continues making lower lows and lower highs inside the bearish channel.

In order for trend to change, bulls will need to push price above $0.85. If this happens, we should then expect price to bounce towards the next resistance at $1, which was once support. A rejection at $0.85 could lead to another sell off towards $0.75 and lower. Price remains vulnerable to more downside as long as it stays inside the channel.