XRP Eyes Breakdown in Descending Channel
2024-11-27

The XRP/USDT chart currently shows a downward sloping channel, with the price trading at $1.4071, down by -0.26%. The pair remains under pressure as it struggles to break out of the descending structure, suggesting bearish momentum continues to dominate.

The price is hovering near the upper boundary of the channel, presenting two key scenarios. If bulls manage to break above the channel, XRP could move toward the next resistance around $1.50, creating a short-term bullish opportunity. However, the more likely outcome, given the current trend, is a rejection at the channel's resistance, pushing XRP lower.

In the bearish scenario, XRP could fall further toward $1.36 and eventually test the key support at $1.17. The moving averages indicate a downtrend remains intact, providing additional resistance to upward movement.

For traders, watch for a breakout confirmation above the channel for long positions, or look for bearish signals near resistance for a short opportunity. The descending channel structure will likely dictate price action in the near term.