Ripple price analysis: XRP/USD moving in a channel to the south, further downside looks possible
|- Selling pressure remains for Ripple, down 4%, moving within a descending channel.
- Next downside target eyed at $0.54 and then further south seen a $0.25 pre 2017 bull run.
The Ripple price is seen down as much as 4% on Friday, extending on this week’s losses, heading for its fourth consecutive session in the red. It was only on 18th that the market was staging a rebound, looking to collect back much of its losses.
XRP/USD is seen down over 80% since producing highs at the early part of this year, around $3.40. Over the longer-term view, it can be clearly seen the market is stuck within a bearish trend lower. Ripple is heading for its third consecutive week in the red.
Technically, looking at XRP/USD on the 4-hour chart, the price is bouncing within a descending channel, it remains well respected. If the price fails to breakout to the upside, XRP/USD could retest the lows seen at $0.54. If this is then broken, then the levels prior to the bull run at the back end of 2017, seen at $0.25 could come into play.
XRP/USD 4-hour chart
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