Chicago 12, Melborne City, USA

Forex Analysis & Reviews: 20.05.2022

Relevance up to 15:00 2022-05-21 UTC + 00

XRP / USD is trading in the red at 0.4113 at the time of writing. The altcoin found strong resistance and now it drops as the price of Bitcoin slips lower as well. Today, it has dropped by 6.95% from 0.4400 daily high to today’s low of 0.4094.

In the last 24 hours, XRP / USD is down by 0.09% and by 7.47% in the last 7 days. In the short term, BTC / USD is trading sideways, a deeper drop could force Ripple to approach and reach new lows.

XRP / USD Downside Breakout!

Exchange Rates 20.05.2022 analysis

Ripple retested the descending pitchfork’s median line and now it is dropping like a rock. As you can see, the price made a false breakout through this dynamic resistance signalling strong sellers and a potential new sell-off.

0.3950 former low stands as a downside obstacle. A valid breakdown may signal more declines. As you already know, only a valid breakout above the median line (ML) could invalidate a further drop.

XRP / USD Outlook!

A valid breakdown below 0.3950 activates a potential sell-off towards 0.3336. This scenario could bring new selling opportunities.

* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2022

Benefit from analysts’ recommendations right now

Top up trading account

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade

My name is Lawrence. I am one of the most famous forex trading schools. The purpose of creating this project is not only to give working advice on the Forex market, but also to warn beginners from fraudulent projects. Here we publish reviews of all Forex training scam projects, and professionally train those who have just decided to enter this niche.

    Leave feedback about this

    • Quality
    • Price
    • Service


    Add Field


    Add Field
    Choose Image
    Choose Video