The XRP price has been trading within a rising channel for the past few weeks and right now, the XRP price just broke through the base of the channel, pointing to an increasing selling presure in the Altcoin.
The rising channel pattern is a very high-quality bearish pattern that offers us the most optimum price levels to take advantage of this bearish move. In this XRP analysis, we will be talking about these key levels, best entry points, and our bearish target.
Key Levels To Watch
The most important level to watch on the XRP chart is the $1.3004 price level. This price level has served as key support for the XRPUSD pair on numerous occasions in the past and is still doing so now.
Bearish Price Scenario
A price break and close below the $1.3004 support would be a great entry for this XRP sell trade. This support break would signify that the bulls are weak and we can expect to see XRP move lower in the coming days
The previous lows of $0.9259 are the first target to aim for this potential sell-off to find support before either continuing to the downside or reversing back up.
We will wait to see XRP breakthrough and close below the $1.3004 support level. However, if this level continues to hold, there is a very high probability that the bulls will use it as a base to begin pushing XRP higher again.
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Looking For More Trading Ideas
We also analyzed the Bitcoin, Ethereum, and Cardano pairs. Here we talked about some of the key patterns currently playing out and the best ways to take advantage.
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