FX.co ★ Weekly analysis on XRPUSD for May 15th, 2023.

Red lines- bearish channel

XRPUSD is trading around $0.42. XRPUSD is in a short-term bearish trend as price continues making lower lows and lower highs. We are now starting a 7th week inside the downward sloping channel as XRPUSD is sliding lower. Channel resistance is found at $0.45-$0.46. Bulls need to break above this area in order to hope for another leg higher that could push price above $0.58. Inability to break above the channel will result in price moving towards the lower channel boundary at $0.3850. Medium-term trend remains neutral as price has made no real progress over the last year. Price is trading between $0.29-$0.60 with no clear medium-term direction.