FX.co ★ XRPUSD could reach $0.85 soon.

XRPUSD like most of the cryptocurrencies are showing short-term reversal signals and signs of strength. In the 4 hour charts price has broken above short-term resistance and provided a short-term reversal signal.

Blue line- resistance

XRPUSD is turning higher and is making higher highs and higher lows. There is potential for price to test the next important resistance at $0.85 area. It is too soon to tell if the low made two days ago, around $0.69, is a major low. Bulls have a lot of work ahead of them. At $0.82 we find the 38% Fibonacci retracement of the entire decline from $1.015. At $0.85 we find the 50% retracement and the horizontal resistance as shown in the chart above. Bulls need to break above this level in order to hope for a bigger reversal.