Peter Smith
⬤ XRP is bouncing around inside a wide upward channel right now, sitting just above key support after pulling back to the $1.05 area. The current price action has traders scratching their heads—neither bulls nor bears have a clear edge, and the market's basically running on positioning rather than any real directional confidence.
⬤ Looking at the historical pattern, XRP has pulled back roughly 44% to 45% several times during past rallies before launching into massive runs—we're talking 200% and even 360% gains. The latest dip follows that same playbook, keeping price tucked inside the channel while testing the 21 EMA, a line that's worked as reliable support during earlier cycles.
⬤ The path forward doesn't look smooth. Price is expected to chop around rather than make a clean move, with the upper channel boundary sitting way up near $12 to $15 while the lower trendline continues holding as structural support. This setup screams "shake out both sides first" before anything decisive happens.
⬤ Bottom line: XRP's stuck in limbo where control hasn't shifted to either side yet. The channel structure matters here—whether price holds support or breaks the formation will likely determine the next real move and could ripple across the broader crypto market.
Peter Smith
