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XRP is trading within a clear bearish channel on the daily frame, as the price continues to make lower highs and lower lows on every upward attempt. However, the price is now starting to approach a very strong support area between 1.90 and 2.00, as indicated by the green arrow, an area from which the price has bounced several times before.
– Bullish scenario (possible rebound area)
If the price continues to respect current support and displays a positive reversal candle, we may see an upward pullback towards the upper border of the descending channel.
The first target will be around 2.35, followed by the blue resistance area near 2.70 where the price has been rejected many times before.
– Bearish scenario (if the area is broken)
Any clear break below 1.90 would change the entire technical complexion and open the way for further declines before any new attempt to the upside. Therefore, the field remains clear.
🔑 Conclusion
XRP is approaching historically strong support levels, which has us keeping a close eye on price action for signs of a possible reversal into the trend.
Do you think we’ll see an upward rebound? Or is this breakthrough closer? Share your views with me👇
⚠️ This analysis is for reference only and is not a buying or selling recommendation.
Tickmill Precision Trading ~
