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Technical Analysis

XRP Price Loses 13% of Its Value, but Stays in Trading Range

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  • XRP price lost 13% of its value
  • Still moving within in ascending trading channel
  • Possible re-test of resistance levels

1 Day XRP/USD price chart

After recent fake breakout above resistance, XRP price rolled back into consolidation at around 29-30 cents and then dropped further down to 28 cents. In the process, the cryptocurrency lost around 13% of its value from a recent high of $0.31500. Today XRP continued moving downward under bearish pressure, but the price is still trading within ascending trading channel.

However, considering the fact that on the 7th of November XRP/USD pair printed low tail candlestick that formed on double the average volume on 1 Day trading chart we may see price reversing and heading back to retest resistance levels. There is still an untapped liquidity pool above $0.31500 so that will be the main aim above resistance for XRP price right now.

Chart source: Tradingview

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Arthur Webb: passionate about how technology can empower people to create a more just and sustainable world.

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