XRP Stuck in Correction: Will Breakout Above $1.45-$1.54 End Bearish Trend?
XRP remains in a corrective phase after its sharp August breakout, struggling to regain control of the key overhead supply zone. The current structure suggests that the market may need more consolidation before another sustained directional move develops.
On the daily timeframe, XRP's explosive rally from $0.94-$0.97 broke the previous descending structure and pushed the price as high as roughly $1.70. However, the breakout was followed by an equally notable rejection, and the asset has since been unable to establish itself above the $1.45-$1.54 resistance zone.
The price is currently trading around $1.42, just below this major supply area. As long as the $1.27 support holds, the recent weakness can still be viewed as consolidation following an impulsive rally. A daily close above the $1.45-$1.54 resistance zone would strengthen the bullish case and could eventually bring the $1.70 high back into focus.
The 4-hour chart highlights a descending channel that has contained XRP since the initial surge. The asset has repeatedly failed to break through the channel's upper boundary, which is now converging with the crucial $1.45-$1.54 resistance zone.