XRP stays within a huge horizontal channel on the Hourly chart

Ripple stays within a huge horizontal channel on the Hourly chart. XRP price jumped off the support area at $0.6629 yesterday and managed to cross the resistance area at $0.6903. However, later, the currency pair declined towards this area to test it from above. It currently stays close to those levels. XRP/USD tests the lower side of the Ichimoku cloud.

The possible scenarios for Ripple are the following:

1. XRP/USD will jump off the support area at $0.6903 and will start to move towards the next resistance at $0.7421. There is an obstacle on the way as we are close to the Ichimoku cloud.

2. Ripple will break through the support area at $0.6903 and decline further towards the next support area at $0.6629.

3. The currency pair will stay close to the current levels without significant changes.

As for the daily chart, there is no clear tendency here. XRP price has left the Ichimoku cloud but is still unable to make any momentum.

Check the full crypto analysis HERE