XRP price technical analysis. Trading channel continues to narrow
- XRP lost another 1.5% against US dollar
- The trading channel continues to narrow
- New support at $0.2500. Crucial resistance remains at $0.2650
1 Hour XRP/USD price chart
The price of XRP plunged further on Thursday the 12th of September by another 1.5% and is now trading at around $0.25250. It is expected that the price may still go further down testing support at $0.2500 before retracing back. Bulls would need to tackle resistance at $0.2550 and $0.2600 for XRP price to gain some bullish momentum and approach the most important resistance level of $0.26500 that still stands since the end of August.
The narrowing trading channel clearly indicates that a breakout is imminent, although it is yet to see whether a downtrend or uptrend will follow. A lot of experts suggest that XRP is undervalued at the moment and support the claim that future breakout will be upwards. The fact that the $0.26500 resistance was tested 12 times already since the 28th of August adds additional weight to those claims.
Chart source: Tradingview
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