FX.co ★ Technical analysis on XRPUSD for May 22nd, 2023.

Red lines- bearish channel

XRPUSD is trading around $0.4589 after a strong bounce off the $0.4080 lows. Price is now trading just below the upper channel boundary. Price remains inside the red downward sloping channel but below the upper boundary resistance at $0.4650. XRPUSD needs to break above and out of the bearish channel in order to change short-term trend. So far price remains below the key channel resistance. A rejection at $0.46 could lead to another sell off towards $0.40 and maybe lower. At current levels traders better remain patient and cautious. The RSI is in the middle of the range with a flat slope, showing indecisiveness.