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The bearish momentum in XRP is currently dwindling with the bears finding it difficult to push the price lower.
This points to a coming bullish reversal in the XRP price. And in this article, we will be breaking down the key levels to watch, and the key channel the XRP price is currently trading in.
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The Descending Channel
Xrp has been trending lower in a descending channel that can be clearly seen on the 4-hour timeframe. This channel provides us with high-quality levels to look for either price support or resistance in the coming days for the XRP price.
When you combine this with the current fading bearish momentum, we have a confluence of events that supports a bullish reversal in the XRP price soon!
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The XRP Bullish Price Prediction
For the bullish prediction in the XRP price chart, we need to see the price hold that descending channel support. Price has respected this channel on numerous occasions and might do so again soon.
If this level holds, we can then begin to anticipate the bullish push back above the $1 price region. But for this bullish prediction to be valid, the descending channel support must hold.
However, a break below the channel support could see more bearish momentum come into the XRP market and continue pushing the Altcoin price lower in the coming days.
Key XRP Resistance
The key resistance to watch out for is the descending channel top line. This line served as price resistance before and might be the first resistance the XRP bulls have to deal with in the coming days.
A break above this key resistance could see the XRP price surging back towards the $1 soon!
For More Trading Ideas
For more trading ideas, check out our bullish price prediction for Bitcoin in the short Youtube video below. We talk about the key levels to watch and what you might expect to happen next!
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