XRP Update 📣
XRP's rally after recent news regarding the SEC settlement is not sustainable. As many times before, XRP was rejected at the long-term downtrend line.
I still believe that once this downtrend is broken, XRP will rise sharply. However, it seems that XRP is not strong enough to try again.
On the contrary, XRP has returned to the channel where it consolidated for a longer period in late 2023 and between March and May this year.
Moreover, in both cases, the price went lower after consolidation and entered the lower channel.
From a trading perspective, the approach is relatively clear:
- Do not trade long until the downtrend is broken
- Can trade short-term (1H) based on support and resistance zones (breakouts and bounces).