FX.co ★ Weekly XRPUSD analysis.

XRPUSD reached as low as $0.564 last week. 4 weeks ago when price was trading around $0.91 and got rejected at the upper triangle resistance, we warned traders that price was vulnerable to a move towards $0.50 where the major horizontal support is found and the lower triangle boundary.

Green line - horizontal support

Purple lines- expected path of price

XRPUSD has been under pressure for the past 5 weeks. April was not a good month for bulls as price has been making lower lows and lower highs with $0.50 as a magnet attracting price after the rejection at the red trend line resistance. Our purple line path has not changed and we continue to believe that as long as price holds above the key support at $0.50, we will continue to see XRPUSD move up and down within the triangle pattern.