XRP Faces Key $1.34 Resistance as Descending Channel Holds
XRP has rebounded from the $1.26 support level for a second time in October and is approaching resistance near $1.34. This level aligns with the 0.5 Fibonacci retracement and the upper boundary of a descending channel, making it a key test for the short-term XRP price trend.
A decisive breakout above $1.34 could open the way to $1.40, with $1.50 as a further resistance level. However, the descending channel remains intact, and a rejection could send XRP back to retest $1.26. A daily close below that support may expose $1.20 and then $1.14. Buyers have defended support, but the rebounds have not yet confirmed a trend reversal.
Bearish
The short-term setup leans bearish because XRP remains inside a descending channel with lower highs, and $1.34 is a significant resistance confluence. A rejection there could bring another test of $1.26; a decisive break below support would put $1.20 in focus. This resembles common price action in which repeated support tests can weaken a level, although the two lower wicks show buyers are still defending it.
The outlook would improve if XRP closes decisively above the channel and reclaims $1.34, potentially shifting attention to $1.40 and then $1.50. Until that happens, traders may treat rallies as potential selling opportunities rather than confirmed reversals. In the near term, volatility around $1.34 and $1.26 could drive positioning and stop-loss activity. Over the longer term, this chart alone does not establish a broader market trend; sustained movement above resistance or a breakdown below support would provide stronger confirmation.