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Ripple Technical Analysis: XRP/USD drops as price is stuck within a descending channel to the not so sunny south for now

Ripple seen down over 4% on Friday, as the price continues to head lower after losing steam two sessions ago.
XRP/USD is moving within a descending channel south as seen on the 60-minute chart.
Ripple is currently running at a three consecutive sessions of losses.

Ken Chigbo Independent Analyst

XRP/USD 60-minute chart

Spot rate: 0.45774

Relative change: -4.04%

High: 0.47691

Low: 0.44634

Trend: Bearish

Resistance 1: 0.46127, upper part of descending channel.

Resistance 2: 0.46454, (resistance on 60-minute chart).

Resistance 3: 0.47691, today's (Friday) high.

Support 1: 0.44255, lower part of descending channel.

Support 2: 0.44634, today's (Friday) low.

Support 3: 0.43300, demand zone entrance.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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