Can XRP Price Escape a 17-Day Bearish Channel Despite a Weakening BTC Link?
XRP price is attempting to break a 17-day bearish channel, facing resistance from cost basis clusters and a weakening correlation with Bitcoin.Summary
XRP is currently trading at $1.32, attempting to recover from a 17-day downtrend within a descending parallel channel. A bullish divergence in the RSI suggests a potential bounce, but the price faces significant resistance from two cost basis clusters at $1.34-$1.35 and $1.45-$1.47. The article highlights that XRP’s correlation with Bitcoin has decreased to 0.75, meaning its price movement is becoming more independent. While a weakening BTC link could allow the bounce to continue, XRP must overcome these internal resistance levels to confirm a breakout. Key price levels to watch include $1.36, $1.46, and potential support levels at $1.29, $1.21, and $1.17. The success of the breakout depends on whether XRP can sustain conviction above these levels, largely independent of Bitcoin’s performance.
(Source：BeInCrypto)