XRP Technical Analysis
We can clearly see the ascending channel pattern on XRP chart. The coin has moved around the upper half of the channel with a great uptrend since the month of June; however, due to the sell pressure recently, the uptrend has weakened, triggering an in-channel correction.XRP is currently trading around the level at $2.77, and we have the support range between the levels at $2.38 - $2.44 in case this sell pressure persists. This range is not only a support but represents a strong demand zone around the lower border of the channel. We technically expect that buyers will re-enter the market around this demand zone.In the event that XRP turns upwards, we will be following the levels at $2.93 and then the range at $3.13 - $3.42 as a resistance. Remember that these levels are crucial as they both worked as strong rejection area and also served as the support following the breakout.On the other hand, if XRP breaks below the support at $2.38, we may see a drop to the lower border of the channel, after which we should be following the next support levels at $2.18 and $1.90 respectively.
Summary:
- Price: $2.77 (going through a correction within the ascending channel)
- Support zone: $2.38 – $2.44 (strong demand zone)
- Upward resistances: $2.93 → $3.13 → $3.42
- Downward risk: $2.18 → $1.90
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
