XRPUSD and the majority of cryptocurrencies are in positive territory on Wednesday showing impressive bounces. However technically nothing has changed in XRPUSD as price remains inside a downward sloping channel.
XRPUSD is trading inside a bearish channel since the end of June. Price is making lower lows and lower highs. Short-term resistance is found at $0.60. As we mentioned in previous posts, as long as there is no trend change confirmation, price of XRPUSD is vulnerable to a move towards $0.50-0.40. So far we have seen a low of $0.51. As long as price is below $0.75 we remain vulnerable to more downside towards $0.40.
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