FX.co ★ Technical analysis on XRPUSD for October 16th, 2023.

Blue lines- bearish channel

Black line- horizontal resistance

XRPUSD is trading around $0.49. Price has broken above the short-term bearish channel it was. XRPUSD made a low around $0.4727 and is now bouncing higher towards the horizontal resistance of $0.5050. Having broken the bearish channel has provided us with a sign of strength. The area around $0.50 is considered major resistance as was once major support. Short-term support is found at $0.4845 and at $0.4775. Bulls need to defend these two levels in order to hope for a bigger bounce towards $0.52 or $0.53,