XRP price technical analysis. Trading channel continues to narrow

• XRP lost another 1.5% against US dollar
• The trading channel continues to narrow
• New support at $0.2500. Crucial resistance remains at $0.2650

1 Hour XRP/USD price chart

The price of XRP plunged further on Thursday the 12th of September by another 1.5% and is now trading at around $0.25250. It is expected that the price may still go further down testing support at $0.2500 before retracing back. Bulls would need to tackle resistance at $0.2550 and $0.2600 for XRP price to gain some bullish momentum and approach the most important resistance level of $0.26500 that still stands since the end of August.

The narrowing trading channel clearly indicates that a breakout is imminent, although it is yet to see whether a downtrend or uptrend will follow. A lot of experts suggest that XRP is undervalued at the moment and support the claim that future breakout will be upwards. The fact that the $0.26500 resistance was tested 12 times already since the 28th of August adds additional weight to those claims.

Chart source: Tradingview

Disclaimer: Markets, instruments and advices on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. Ripplecoinnews does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. Investing in Cryptocurrencies involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.