XRP Faces Resistance in Descending Channel as Bears Maintain Control
XRP is currently trading within a descending channel, facing resistance at the upper trendline. This bearish structure has resulted in price pressure, with buyers struggling to maintain support while sellers dominate short-term momentum.
Key Points
- XRP's price remains constrained by the upper boundary of its descending channel.
- Recent rejections indicate continued seller dominance, risking a move toward lower support levels.
- The MACD indicator approaches a potential bullish crossover, which could signal a trend reversal if confirmed.
- Market volatility raises skepticism about previous breakout attempts, necessitating caution before aggressive positioning.
- XRP is testing the lower boundary of the channel, a critical support zone that may influence its next price movement.
- A sustained hold above this support could lead to a bounce; a break below may push XRP to new lows around $0.9353.
