Manoj B Rawal
Independent Analyst
- XRP to continue to trade sideways and southward.
- Won't be easy to take second largest crypto tag back from ETH.
Ripple's XRP, which lost its second largest crypto tag to Ethereum (again) due to its continued underperformance to other major cryptocurrencies, still remains under pressure and has a long way to go in its journey to the south.
XRP/USD is up about a percent on day at $0.366 and trading in about 2 percent range for the day with very low volumes and volatility - sign of its sideways trading and underperformance days. On the daily chart of the crypto it is stuck in a lower low, lower high downard slanting parallel channel.
On the hourly chart, in the short term it has taken support at ascending trendline and is now headed upward, towards $0.40 - upper end of the parallel channel on the daily. From there, downward juorney resumes.
XRP/USD daily chart:
XRP/USD 60-minute chart:
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