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

Red line- major resistance trend line

Black line- support trend line

Blue lines- trading range

XRPUSD is trading around $0.5180 near the end of the week showing some signs of strength. Over the past 9 weeks XRPUSD has been trading inside the blue trading range as it can be seen in the weekly chart. Price has been trading between $0.46 and $0.555. The summer high around $0.94 formed another lower high below the major resistance trend line. The black upward sloping support trend line continues to be respected and XRPUSD continues trading inside a huge triangle pattern. Recent price action confirms the importance of support around $0.46, but the chances for a move closer to the black support trend line are real as long as price stays below $0.55. We can call the next bull run in play only if and when price breaks above the red trend line.