- XRP key support is $0.27500
- XRP is still within ascending trading channel
- Future resistance is at $0.29500 line
1 Hour XRP/USD price chart
XRP/USD pair recorded gains of more than 6% in the last days and continues to trade upward within the ascending channel. The price set resistance at$0.28650 and is now consolidating between that level and $0.27500 support line. It is possible that a stop loss hunt will occur in the short term, with price tapping into liquidity just below $0.27500. Due to the fact that trading volumes are average or just below the average at the moment on an hourly chart, the start of a downtrend is highly unlikely.
The price, however, can possibly drop further down and tests the next support at $26350.
If after the short period of consolidation price moves up above $0.28650, it is likely to see next resistance at $0.29500
As long as there is no volume spike that can act as a trend reversal signal and XRP price remains within its current trading channel we should see uptrend continuation.
Chart source: Tradingview
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