- Ripple falls in a channel trap in the short term.
- Long term lower highs put pressure.
XRP the crypto with a surprise upsurge last month, has got itself trapped in a lower high, lower low channel formation on the short term charts, even as in the long term, creation of lower highs is putting pressure on the prices.
XRP/USD is down just a tad under 3 percent at $0.4718, not way above the low of the day. On the 15-minute chart of XRP, the appearance of lower high and lower low downward sloping parallel channel makes for a trap on the prices and creates a short term selling pressure on the prices.
Even on the long term 720-minute chart, the bulls have got themselves exhausted after a stellar run last month and have not been able to cross a descending trendline thats been formed from last month’s high in the form of lower highs.
XRP/USD 15-minute chart:
XRP/USD 720-minute chart: