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Technical Analysis

XRP price to test key support

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  • XRP price is down by 1.8%
  • Key support to be tested: $0.26450
  • Fake breakdown or trend reversal

1 hour XRP/USD price chart

XRP price is down by another 1.8% today and is heading towards the key support line. There are two possible outcomes. First, the price will tap into liquidity just below $0.26620 and even $0.26450 levels in fake breakdown moves and retrace back into consolidation. Alternatively, we can witness XRP price to go further down and out of its current trading channel. In case that happens, it will be a serious indicator of a trend reversal with price initially setting new support below $0.26 mark.

Chart source: Tradingview

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