Ripple’s XRP lock-step trading could soon break channel resistance
|- XRP/USD upside is still capped at the resistance channel with the limit at $0.3240.
- Ripple’s XRP short-term outlook is bearish.
Ripple is exchanging hands at $0.319 following a subtle 0.59% decline on the day. The asset that that is holding ground in the second position according to CoinMarketCap corrected lower yesterday where it tested the support at $0.31. While there was a bounce above both the 50-day and the 100-day Simple Moving Averages (SMA), the upside is still capped at the resistance channel with the limit at $0.3240.
In the short-term, the trend is still bearish unless the bulls can push the price above $0.35 and eventually target $0.38. However, at the moment, there many hurdles that are standing in the way hence limiting movements to the north. The initial resistance is seen at the 100-day SMA at $0.32. If the lock-step trading makes it above this level, XRP will have to battle more resistance at $0.32. In addition, the descending trendline prevents upside movement ahead of the channel resistance at $0.3240.
Ripple’s XRP does not have many support levels. However, the initial support at $0.3160 (channel support) will try to halt declines. The next support target is at $0.31 while the next significant support rests at $0.28 (2019 lows). If XRP slides to refresh the lows and bounces back up above $0.35, the bulls must ensure that they push it above $0.38 before they take their profits.
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