XRP/USD gave away half of the profits of 2023. A declining channel indicates further weakness.

• XRP/USD gave away half of the profits of 2023
• A declining channel indicates further weaknesses
• So that the bulls can still hope, the $ 0.3 brand must be kept

cryptocurrency investors were enthusiastic when they learned that the industry experienced a strong upswing in 2023. In the first quarter, all leading cryptocurrencies, led by Bitcoin.

also XRP/USD recovered. In the first days of 2023, the trading price was only $ 0.3 and almost doubled until the end of the first quarter.

Responsible for the rally was a combination of persistent dollar weakness and enthusiasm in the crypto universe. In addition, the Federal Reserve played with the idea of exposing the interest rate increases because inflation cooled down.

But instead of the lesson weakness, she stopped. In addition, the trend turned over and the dollar has recovered in the second quarter.

and which markets corrected the most? Those who added the most, such as the cryptocurrency market.

XRPUSD-Diagramm from Tradingview

XRP/USD runs the risk of breaking the support range of $ 0.3

The technical image looks increasingly worrying for XRP/USD. Despite the rally in the first quarter of 2023, XRP/USD still moves in a declining tone.

It seems that the rally was nothing more than a bear market rally, since the downward trend channel remained intact. In fact, the market failed exactly where it should have failed - due to the resistance that the previous support offered.

If the market falls under the declining channel (i.e. below $ 0.3), the forecast measured movement indicates a continued weakness towards the 0.2 dollar area. In this case, the downward channel is nothing more than a continuation pattern in a downward market that started with a double-op pattern at the end of 2021.

All in all, the market must remain within the channel so that the bulls can still hope. Another attempt to achieve the resistance area of $ 0.6 would be desirable, but the increased possibility of a breakthrough should not be neglected below $ 0.3 and the declining effects of such a movement.