Ripple price analysis: Trapped in a contracting low ranged channel
|- Range narrows over time, continues to move down.
- Oversold levels help the bounce.
Ripple, along with other major cryptocurrencies, bounces back from last week's mayhem in a sign of stability returning to the crypto world, although Ripple still has some more strangth to gain before it shows any signs of moving higher.
XRP/USD was up more than 2 percent on Monday, as the price continues to remain trapped in a contracting channel with ranges lowering. Support stands at $0.4526 and resistance at $0.5054.
Oversold RSI helps the bulls to bounce back, but any further rally to gain steam, Ripple needs to rip apart this channel which is in a range of $0.7949 on the upside and $0.4500 on the downside. Another sign of worry for the bulls is a possibility of a "death cross", which though is still some days away, but if occurs, then could result in severe price declines.
XRP/USD daily chart:
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