XRPUSD is in a bearish trend since the beginning of November when it peaked around $1.34. Price is making lower lows and lower highs since then, trading inside a downward sloping channel. Currently there is no sign of a reversal, price remains vulnerable to more downside.
The last 4 trading sessions price has been moving sideways without any real progress to the downside or upside. This is natural after the huge spike in volatility and the sell off that occurred on Saturday December 4th. The market is trying to find its balance. Resistance at $0.89 is important and bulls need at least one daily close above this level in order to hope for a bigger bounce. Support is at $0.80 as bulls have managed to produce daily closings above this level for the last 7 sessions. Breaking below it will be a sign of weakness and more downside to come.
