$XRP quick Analysis : Ripple Recovers Within Downtrend Channel
Ripple (XRP) has risen nearly 2% at the time of writing, as buyers continue to defend the key psychological level at $2.00. The intraday rebound suggests the potential formation of a short-term upward wave, although the overall trend remains confined within the larger downtrend channel on the daily chart.
If bullish momentum persists, XRP could target the upper resistance near $2.18, defined by the highs on October 6 and November 10. In the event of a successful breakout, the price may extend toward the 200-day EMA around $2.47.
The current rebound has temporarily weakened the bearish signal from the MACD, as the MACD line (blue) has crossed back above the signal line (red). Meanwhile, the RSI at 44 is turning upward toward neutral territory, indicating improving bullish momentum.
On the downside, key support for XRP remains near $1.90, corresponding to the June 22 low, serving as an important short-term defense level for bulls.
Traders should watch these levels closely, as a sustained move above $2.18 could signal a broader recovery, while a breakdown below $1.90 would reinforce the prevailing downtrend.
