XRP stuck in range as descending channel caps upside momentum
XRP slid ~3% in 24h, stuck in a descending channel after failed breakout.
- XRP trades near $1.39, down about 2.9% day-on-day and ~46% year-on-year, hovering mid-range between key supply and demand zones.
- Price sits inside a descending channel, with lower highs and lows; a failed move above the mid-channel caused a liquidity sweep before spot selling forced price back into the range.
- As long as XRP remains below the channel’s mid-line and overhead supply, rallies face selling, while a break of current support would expose the lower channel boundary and raise downside risk.
Ripple’s XRP (XRP) token declined alongside broader cryptocurrency markets on Monday, continuing a pattern of weakness within a descending price structure, according to technical analysis from Cryptopotato.
The digital asset is currently trading within a defined range as market participants await a decisive move to establish the next directional trend, the analysis stated.
On the daily timeframe, XRP attempted to break above a channel’s middle boundary but failed to sustain the move, according to the report. The brief push beyond this level resulted in what technical analysts term a liquidity sweep, where buy-side positions were triggered before selling pressure returned and pushed the asset lower.
The price subsequently moved back into the established range and continues to trade between an upper supply zone and lower demand base, the analysis indicated. The current structure suggests ongoing consolidation rather than an immediate trend reversal, according to the report.
Technical analysts noted that unless the token reclaims and holds above the channel’s middle boundary, the market is likely to remain range-bound, with activity on both sides of the range contributing to short-term volatility.
On shorter timeframes, XRP remains within a descending structure, forming lower highs and lower lows within channel boundaries, the analysis stated. A recent bounce from a lower demand zone was characterized as corrective in nature.
The asset is consolidating around intraday support levels, according to the report. As long as it remains below the channel’s mid-structure and key supply zone, upward moves are expected to face selling pressure, technical analysts said.
A loss of current support levels would expose the lower boundary of the channel and increase the probability of further downside movement, according to the analysis.
