Technical Outlook: Bearish Channel Intact, Short-Term Relief Possible from $2.32 Base
XRP is trading around $2.42, showing slight recovery after recently testing the $2.32 support zone, which aligns with the 0.236 Fibonacci retracement. The price remains confined within a descending channel pattern, reflecting a persistent bearish structure. Sellers continue to dominate, keeping XRP below all major exponential moving averages — 20 EMA ($2.56), 50 EMA ($2.73), 100 EMA ($2.76), and 200 EMA ($2.61).
This alignment of EMAs indicates a strong bearish trend, as every short-term rally has faced rejec