FX.co ★ Weekly XRPUSD analysis for August 20th, 2023.

Red line - major resistance trend line

Yellow rectangle- previous resistance now support

Blue line- support trend line

XRPUSD remains under pressure as this week prices fall below key support levels. After the spike towards $1 we warned that price was still below the red major trend line and that a rejection could bring price back to support. XRPUSD is now at levels before the judge's ruling and the upward explosion in price. Technically XRPUSD remains vulnerable to new lows. This is the case as long as price remains below the red downward sloping long-term trend line. Price reached the major support area of $0.52. This was very important resistance before the break out. Price also briefly broke below the blue upward sloping support trend line. For now price remains inside the yellow rectangle. If this is a back test of the break out area, bulls will need to defend it and hold price above $0.48. Afterwards bulls will need to support price and help it bounce higher in order to gather momentum and start the next leg higher. Failure to hold above $0.48 could lead to new lows towards $0.30