A 80% correction to 10 cents in 2024 for XRP?

For exactly seven years XRP price action has been trading inside a defined range as shown by the green arrows. A long or short position from those areas would have been excellent.

For the last two years price action has traded inside an uptrend channel. The channel support has now failed with confirmation. Red arrow.

The failed support follows the double top in price action where market market structure previous broke in April 2022. Orange arrow.

30 cents is the next support level to test now that price action has exited the channel. Should that support not confirm, 10 cents is next.

Is it possible price action enters the channel and continues the uptrend? Sure.
Is it probable? No.

Ww

Trade ist aktiv:

Down 10% so far.
On the 2 week chart below a confirmation candle is printing. That means the exit from the channel and downtrend is confirmed UNLESS the bulls can push price action back inside the channel by Monday June 10th. Failure to do so and it is downwards to the basement.

2-week chart