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XRPUSD breaks below support.

In previous posts we noted the bearish pattern in XRPUSD as it had formed a descending triangle pattern. Price was respecting the support around the $1 price level. However the bounces where getting weaker and weaker.

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Blue rectangle- support

Red line -resistance

XRPUSD is trading around $0.95 after making a low around $0.90. Price is in a bearish trend as price continues making lower highs and new lower lows. We have warned bulls that as long as price was below $1.13-$1.25, XRPUSD would remain vulnerable to a move towards $0.85-$0.80. Yesterday highs are where the key short-term resistance is found, so bulls will need to break above $1.05-$1.065 in order to change trend to bullish.

The material has been provided by InstaForex Company - www.instaforex.com

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