FX.co ★ Technical analysis on XRPUSD for November 17th, 2023.

Blue lines- Fibonacci retracement levels

Green line- major support trend line

XRPUSD is trading around $0.60 after making a pull back close to $0.5855. Recently price made a new high with a failed candlestick forming a shooting star bearish candlestick pattern. We warned that a pull back will follow. Price from $0.74 has already retraced more than 50% of the entire upward move from $0.47. Key Fibonacci support is found at $0.5766. At the 61.8% retracement we usually see trend reversals. The RSI has still not reached oversold levels, but this is not necessary for an upward reversal. Price made a low close to the 61.8% retracement today. The next couple of sessions are very important as it will be decisive if we turn upwards or move lower towards the green major support trend line.