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Technical Analysis

XRP technical analysis. Descending trading channel to turn into horizontal one

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Ripple’s New Partnership with AML Solution Provider Might Let XRP Compliant with FAFT AML Rules
  • XRP price is down by nearly 2% in 24 hours
  • Price consolidation in the area of $0.268 – $0.281
  • Possible start of a horizontal trading channel

1 Hour XRP/USD price chart

After gaining around 15% XRP/USD price failed to sustain bullish momentum and retraced back by nearly 6%. Later it moved into the descending trading channel. Right now the price support level is $0.2680 with resistance line at $0.2810. It is well worth to note that current support used to be a resistance level for XRP price before the recent uptrend. Falling trading volumes may suggest decreasing bearish interest and in the short term may encourage XRP to start trading sideways testing both support and resistance in stop-loss hunts. In case XRP demand will push the price above $0.281 level expect new resistance to form at $0.29 level.

Chart source: Tradingview

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