1 month ago
12
Key Takeaways
- XRP is testing the $1.47-$1.50 breakout area.
- A four-hour close above the channel is required.
- The first pullback must preserve the breakout.
- The failed $1.55 pivot remains overhead.
- Losing $1.35-$1.40 would invalidate the pattern.
The chart shows XRP testing the channel ceiling
XRP was trading near $1.46 at the time of writing, after gaining approximately 6% over 24 hours. The recovery brought the price back to the upper boundary of a downward-sloping channel on the four-hour chart.
The channel developed after XRP began its rapid August rally near $1 and advanced to almost $1.70. The price then formed a sequence of lower short-term highs and lows while remaining well above the area where the rally began. Those characteristics support the bull-flag interpretation.
The two sides of the channel are nearly parallel, which means the pattern has no fixed apex forcing XRP to break during a particular candle. The price has simpl...
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