XRP side-lined following rejection by resistance zone
XRP’s rejection by its $3.3306-to-$3.3826 resistance zone has taken it close to its $2.9599-to-$2.9995 support area with range trading between the two on the cards.
XRP rejected by resistance
XRP bullish case:
XRP's rejection by its $3.3306-to-$3.3826 resistance area has taken it to Thursday's $3.0121 low.
Provided that the 24 July low and June-to-August uptrend line at $2.9599-to-$2.9995 underpins on a daily chart closing basis, another up leg may remain in store.
While the next lower 3 August low at $2.7284 doesn't give way, the medium-term uptrend remains intact.
A rise above the current August high at $3.3826 is needed, though, for the July peak at $3.6614 to be back in sight.
XRP bearish case:
Where XRP to top out and fall through its immediate support zone at $2.9599-to-$2.9995, made up of the 24 July low and June-to-August uptrend line, the early August trough at $2.7284 may well be revisited.
Failure there would probably lead to further downside towards the May peak at $2.6542 taking place.
XRP charts
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