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Technical Analysis

XRP in Risk of More Loses

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  • XRP is down by 2%
  • Trades downward along the trendline
  • Support: $0.21250

XRP/USD 1 hour trading chart

XRP price continues to move within the current trading channel setting new lows as it moves closer to immediate support at $0.21250. In the short term, we may also witness XRP retesting $0.21100 support level. Both support levels are within easy reach and price can certainly continue downward on bearish pressure movent below $0.21.

The market may turn bullish if XRP bounces off support and starts either to move horizontally in a stage of accumulation before the breakout or breaks resistance trendline with price closing firmly above it. At the moment that mean XRP price needs to move above $0.21800 and close somewhere around $0.22 at least.

Chart source: Tradingview

Image source: Flickr


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