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  • Although XRP/USD is trading 2% lower today the structure is still bullish.
  • The channel pattern is almost perfect and a break could signal some downside pressure.


The outstanding thing on the four-hour chart is how perfect the channel formation is. The bottom of the channel is being tested at the moment and it seems like it could hold looking at the shadows on the candles right now.

We are currently in our third wave higher and the 0.2828 level is holding firm. If the level breaks the next support on the way down is 0.2649.

The psychological 3.000 level on the upside is the key resistance point but as overall crypto sentiment is weak today it is hard to see a high probability of a test.

The relative strength index (RSI) indicator may be showing signs of a bullish failure swing. This is when the waves make a higher low and the indicator makes a lower low wave.

Ripple XRP analysis