Chart of the day

XRPUSD has broken above the falling downtrend line resistance of 0.4650 for a reversal higher. It has tested 1.0000 and is reversing lower from this strong resistance. We can expect a pullback to 0.5700, which is now strong support.

A break above 1 is required for an extension higher and an upside continuation. A confirmed break below 0.7200 short-term would confirm that a medium-term top is in place and a swing lower to 0.5700 would take place. This could be a fourth-wave pullback in a five waves downside swing.

The long trades, you can open only upon a confirmed break above 1.000. Short trade entries you can open upon a break below 0.7100 with the stop loss above 0.7700.