FX.co ★ XRPUSD rejected at major resistance once again.

Yellow rectangle- resistance

Despite trading above $0.55 yesterday, bulls were not strong enough to hold price above the major horizontal resistance area we have been talking about over the last few weeks. Price got rejected and provided a bearish signal as price made new highs but closed on negative territory. We noted that an important bullish sign will be given if price forms a weekly close above $0.52 and that is why yesterday we warned again to be cautious and wait for a weekly close. Price only briefly moved above the resistance but failed to maintain its gains. Price is now challenging the $0.50 level. Recent price action confirms the importance of the resistance around $0.52-$0.55. For a move towards $0.70-$0.80 we need to break above $0.52-$0.55.