Ripple price analysis: Bearish channel breakout looms

• XRP recorded the highest trading volume by unique open trade in January 2019 on eToro.
• Ripple price is battling to breach the descending channel resistance in a bid to open the door for gains towards $0.34.

Ripple price has been trending lower within a bearish channel since the declines on Sunday this week. The declines come after a week of marvelous performance in the cryptocurrency market. Ripple has corrected above $0.34 but failed to touch the psychological $0.35. The bearish wave on the market was not unique to Ripple but sent other digital assets like Bitcoin dropping and Ethereum dropping below $4,000 and $140 respectively.

Ripple is reported to be leading in terms of trades on the social trading platform, eToro. XRP recorded the highest trading volume by unique open trade in January 2019. The unique open trades hit 29,991 in the month. XRP was followed closely by Ethereum with 26,773 unique open trades while Bitcoin came in the third place with unique open trades amounting to 25,148.

Meanwhile, Ripple price is trading at $0.3158 while immediately supported by the 100-day SMA on the 15-minutes chart. The price is battling to breach the descending channel resistance in a bid to open the door for gains towards $0.34 (last week’s hurdle) and the critical level at $0.35.

The 50-day SMA on the same chart will offer support at $0.3143 while $0.31 and $0.30 are key support levels. However, if the current downtrend continues stronger supports zones can be found at $0.28 and $026. The technical indicators are sending negative signals to show that XRP is inclined to make lower corrections in the short-term.

XRP/USD 15-minute chart