XRP has been consolidating within a descending channel since early 2021, with the price making lower highs and lower lows. Currently, XRP is testing the upper boundary of this channel.
- While XRP has bounced off the $0.42 support, the overall market sentiment and excessive hype on social media indicate a possible pullback.
- If XRP fails to break above the $0.5678 resistance and the descending channel, we could see a significant correction.
- A likely scenario involves XRP dropping back to the $0.42 support level. If this level fails to hold, a further decline to the $0.22 area is plausible.
Despite the recent price surge, caution is advised due to the high levels of hype and potential overextension. A pullback to lower support levels, possibly around $0.22, could be on the horizon if the current resistance remains unbroken.
- While XRP has bounced off the $0.42 support, the overall market sentiment and excessive hype on social media indicate a possible pullback.
- If XRP fails to break above the $0.5678 resistance and the descending channel, we could see a significant correction.
- A likely scenario involves XRP dropping back to the $0.42 support level. If this level fails to hold, a further decline to the $0.22 area is plausible.
Despite the recent price surge, caution is advised due to the high levels of hype and potential overextension. A pullback to lower support levels, possibly around $0.22, could be on the horizon if the current resistance remains unbroken.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.