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XRP traders can long here to make the best out of its near-term price action
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XRP is at risk of an ascending channel breakdown following an impeding fourth assault at the bottom trendline. A close below 10 November’s swing low of $1.12 would confirm a breakdown and carve a path towards the 38.2% Fibonacci level.
For the optimists, this defensive region would present long opportunities since it also clashed with the Visible Range’s POC. At the time of writing, XRP traded at $1.18, down by 2.5% over the last 24 hours.
Source: XRP/USD, TradingView
XRP’s up-channel has been active since 25 October, characterized by three higher highs and three higher lows. Following a double top on the MACD and RSI, XRP lined up a fourth hit at its bottom trendline.
If sellers successfully puncture through this trendline and overwhelm bulls
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