XRP/USD | XRP Breaking Down the Ascending Channel

Following an 8% daily decline, XRP had broken down beneath an ascending price channel and hits as low as $1.10 Against BTC.

XRP bottomed at critical support, but will it hold?


Key Support Levels: $1.10, $1.00, $0.92.

Key Resistance Levels: $1.25, $1.28, $1.36.

Following the market’s heavy correction, XRP dropped a sharp 8% over the past 24 hours as it fell from the Feb 2018 highs of $1.25 towards the current $1.14 level. The cryptocurrency was trading inside an ascending price channel since the start of August and struggled to break previous resistance at $1.28 (bearish .618 Fib) over the past week.

Today’s reversal caused XRP to break beneath the ascending price channel as it dropped as low as $1.10 over the past hours. If today’s daily candle closes below the price channel, then this breakdown might signal a larger potential short-term downtrend.