Ripple's XRP: Med term contained, long term has a long way to go

XRP has good enough support on the med-term chart.
Long term still has a long way to go on the downside.

Manoj B Rawal Independent Analyst

Ripple's XRP has a long way to go on the downside, as visible on the long term chart, even as its medium chart has good enough support in the immediate basis, break of which may accelerate its journey to bottom of the pit.

XRP/USD is trading about half a percent lower on day at $0.307 and in less than 2 percent range in a lower volume, lower volatility weekend trading. On the daily chart, just like ETH, XRP too has found itself stuck in a downward sloping parallel channel.

While that's negative for the coin, on the 720-minute chart, the crypto has good enough support in the form of a descending trendline which it broke out of earlier this week and one bounce can be expected from there. However in all likelyhood, the coin would eventually break it to head lower.

XRP/USD daily chart:

XRP/USD 720-minute chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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