XRP Tags Lower Channel Support After a Soft Stretch

XRP is moving into an area where the next meaningful reaction could kick off. The OG altcoin has entered the lower-boundary of a descending multi-month price channel. The $1.24 price recorded at the time of publication is extremely close to the $1.22 support floor highlighted by Crypto Michael in one of his latest technical analyses.

The upper resistance barrier is formed around the angle of $1.34, but XRP’s price would need to reclaim $1.28 first before that comes into play. In September, this particular XRP price range was established before an upswing towards $1.64, so if the seasoned altcoin respects the same historical boundaries, a price trend switch is on the cards.

It’s important to notice that XRP is currently trading below all three moving-average calculated ribbons. The daily crypto price charts hint at no chance of bullish dominance unless the altcoin reclaims $1.67. Conversely, the downside setup provides strong support for XRP’s bulls at the $1 price level, judging from TradingView’s real-time stats.

Recent market data places XRP around $1.24 Oct 30, with $1.34 acting as repeated resistance.

With Bitcoin (BTC) retreating to $77,000, XRP’s chances of holding the $1.2377 support bubble in the near-term are slimming due to high-price correlation with the apex crypto asset. While the support base holds, the bigger issue is the sell-off sentiment among big-time investors. Whales have pushed the Chaikin Money Flow (CMF) way below zero with the RSI still at oversold level.

As most time-frames on top crypto exchanges carry on flashing a negative CMF, several crypto platforms recorded huge inflows. That typically means asset distribution impacted by Binance’s $6 billion hack: traders are fearing a similar effect to the FTX hack that happened back in 2022, even though the price action remains calm as Binance had frozen half of the embezzlement.

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