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  • Stuck in a parallel channel on the medium term chart.
  • Small bounce and then a sell-off to the lower end.

Ripple, the crypto that aims to simplify global payments solutions, is stuck in a lower high lower low parallel channel on the medium term chart and now seems to be headed towards lower end of the channel, but a small bounce before heading lower can’t be ruled out.

XRP/USD is down more than 5 percent on day at $0.3482, not far from the day’s low of $0.3441. 480-minute chart of XRP shows that the crypto is stuck in a descending lower high lower low parallel channel and for now is headed towards low end of the channel.

A small bounce and then jouorney towards new low of the year seems to be on the cards for now. Small support is placed though, around $0.310 levels.

XRP/USD 480-minute chart: