XRP/USD has formed a short-term bearish channel that is currently in. Price got recently rejected again at $1.06 and as we warned traders, such a rejection makes price vulnerable to a deeper pull back.
Green rectangle - major support
Red lines- bearish channel
XRP/USD is still trading above the major support of $0.65-$0.75 but also below the key resistance of $1.06. Price is now trading very close to the lower channel boundary and this is where we can find short-term support. From $0.83 price could bounce towards $0.92. Short-term trend is bearish as price is making lower lows and lower highs. Bulls need to break above $0.97 in order to change short-term trend, but most importantly they will need to break above $1.06. Until some signs of strength are given, price is vulnerable to a pull back towards the green rectangle support area.
