XRPUSD could start the week with a short-term pull back

XRPUSD has risen the last few days from $0.51 to $0.75. Price has now formed a wedge pattern that if broken downwards will justify a retracement in price.


Blue lines- wedge pattern

XRPUSD has formed a wedge pattern and combined with lower highs by the RSI (bearish divergence) is a combination that justifies an imminent pull back. If price breaks below and out of the wedge pattern, I expect XRPUSD to pull back towards $0.66. This is not necessary to happy but technically it is justified. Bulls need to be cautious.

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

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