XRP Chart Analysis & Potential Trade Setups

Aug 14

XRP's push after the recent news regarding the SEC settlement hasn't been sustainable. As many times previously, XRP was rejected at the long-term downtrend line.

I am still convinced that once this downtrend breaks, XRP will pump massively. However, it doesn't look like XRP has enough strength to give it another try.

Conversely, XRP is back in the channel where it has been consolidating for a longer period at the end of 2023 and between March and May this year.

Moreover, in both cases, the price dropped lower after the consolidation and entered the lower channel.

From a trading point of view, the approach is relatively clear:
- No long-term trade until the downtrend breaks
- Short-term trades (1H) are possible based on support and resistance zones (break and bounce).