XRP Stuck in Descending Channel Ahead of Crucial Week
Ripple's XRP has been struggling to find direction after its August surge. Despite repeated rebounds, buyers have not been able to regain control of the market.
The current compression in the price action leaves the market at a crucial juncture, with the nearby support level holding steady as a potential setup for another recovery attempt.
On the daily chart, XRP is consolidating after its sharp rally from around $0.99 to above $1.50. The price has formed a sequence of lower highs while remaining above the broader support structure, producing a descending channel.
The current trading range of $1.37 makes the $1.33-$1.34 zone an important near-term support area. If this level gives way, the next significant downside target sits around the 0.618 Fibonacci level at $1.26, which also aligns closely with the moving average and the broader $1.22-$1.27 support zone.
The 4-hour chart emphasizes the gradual compression that has developed since the August peak. XRP continues to trade inside a descending channel, with the upper trendline now approaching the $1.40-$1.42 region and acting as dynamic resistance.