Ripple overview: XRP sliding down towards the channel support

After a failed attempt to clear $0.3100 handle, XRP/USD slipped under $0.30 to trade at $0.2974 by the time of writing. The digital asset with a market value of $12.3B is consolidating with a bearish bias, down 1.3% on a day-over-day basis and mostly unchanged since the beginning of Tuesday. 

Looking technically, XRP/USD is moving within a long-term triangle pattern with the lower boundary at $0.2850 creating strong support for the coin. If the price fails to regain $0.30 handle, the sell-off will continue towards the above-said critical level, where new buy-in interest is likely to appear.

On the upside, once above $0.30, XRP/USD may proceed to the psychological $0.31 and local resistance $0.3140 created by the lower border of the previous range. A sustainable move higher will bring $0.33 and the recent high of $0.3390 back in focus.

Mysterious transaction

It is worth noting that Ripple holds about 60% of the XRP issuance and now and then sells the tokens to cryptocurrency exchanges partner institutions and other interested parties. 

The transaction is nothing new, as the company transferred significant amounts from its accounts on numerous occasions. However, the cryptocurrency community is intrigued with the message that accompanied the transaction. It said “Crawl… Walk… Run… ;)”. Whatever it might mean, it does look weird.

XRP/USD, 1-day chart