FX.co ★ Has XRPUSD provided a fake break out?

Red lines- Fibonacci retracements

Green line -resistance trend line

Blue lines- trading range

XRPUSD is trading around $0.42. Price managed to push as high as $0.5563 but bulls can not defend and stay above the downward sloping resistance trend line. Pushing below the resistance trend line after a break out is bearish. It is a sign of weakness. Price is again under pressure. Bulls need to defend recent lows at $0.3975 where we find the upper boundary of the trading range it was in. Bulls need to form a higher low and then attempt an attack against the recent highs of $0.5563. The rejection at the 38% Fibonacci retracement is something normal. This pull back could prove to be an important buying opportunity if bulls manage to built a higher low.