XRP Update the higher time frame
The 1-week chart remains bearish. The price continues to record lower highs and lower lows, so the short-term trend remains in favor of sellers.
However, the monthly chart tells a different story.
If we zoom out, we find that XRP is gradually approaching a long-term upward support channel that has been respected for years. The price has not reached this support yet, but it is getting close enough to make this area one of the most important areas on the chart.
I am not interested in buying before confirmation. What I want to see is buyers defending this support, followed by strong monthly bullish candles and higher bottoms forming. This will be the first sign that momentum is turning back to the upside.
If that happens, I will be watching for a move towards the previous major resistance. Until then, patience is key. Let the market reach the level first, then wait for confirmation instead of trying to predict the bottom.
