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Ripple (XRP) Price Analysis: New Trend Channel Forming

Ripple has formed lower highs and lower lows to trend lower inside a descending channel on the 1-hour time frame. Price just came off a bounce from the resistance and is due for a move to the swing low or the channel bottom around .3300.

Price seems to be encountering some support at the mid-channel area of interest but might still have enough momentum to carry on its southbound route. The 100 SMA is below the longer-term 200 SMA, after all, confirming that the path of least resistance is to the downside.

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Published on: 12/5/18, 7:12 AM