FX.co ★ XRPUSD remains vulnerable as long as price is below $0.87.

XRPUSD has been making lower lows and lower highs since the $1.014 high just before Christmas. Price has formed a bearish channel and remains inside it. The last couple of days price is moving sideways between $0.86-$0.80.

XRPUSD is approaching the upper channel boundary and resistance area at $0.86-$0.87. A rejection at this area will lead to a new decline towards $0.77-$0.70 area. Bulls on the other hand need to break above $0.87 in order to produce a short-term reversal signal. If bulls manage to break out of the bearish channel, they will need next to break the next resistance level of $0.90-$0.91. The much anticipated Christmas rally has still not taken place, instead we see price remain under pressure. Traders need to remain cautious and not get carried away by emotion and wishful thinking. Price always speaks the truth and if a reversal and rally is to start, we will get the signs.