Technical analysis on XRP/USD for February 25th, 2021.
XRP/USD had a very volatile week with a high at $0.6474 and a low at $0.3615 while price is now at $0.4625. Price is under pressure for a second week in a row. This week price tried to push inside the major resistance area of $0.61-$0.75. The stay there was short-lived.
Orange rectangle – major resistance
XRP/USD has made a double top around $0.63 and so far there could be no weekly close above this level. If such a price action were to happen, then that would be a sign of strength and would increase chances of a break out. If price breaks out and above the recent double top at $0.75-$0.76 then we should expect XRP/USD to push higher towards $1.20-$1.30. Until then we prefer to be neutral as price is vulnerable to another strong pull back.
The material has been provided by InstaForex Company – www.instaforex.com