An analyst has revealed the level of XRP might observe a pullback following the latest rejection in the cryptocurrency’s price. XRP Has Seen Rejection At Mid-line Of An Ascending Parallel Channel As explained by analyst Ali in a new post on X, XRP has appeared to have been moving inside an Ascending Parallel Channel recently. An “Ascending Parallel Channel” refers to a pattern in technical analysis that’s used for identifying uptrends and potential reversal points for any asset’s price. As the name already suggests, the pattern involves two parallel lines that make up the “channel” within which the price action is mostly contained. The upper line is made by connecting higher highs, while the lower one strings together higher lows. Related Reading: Analyst Rates Bitcoin As Most Promising Asset For 2024, Predicts Price Potential Of $120,000 At the upper line, the asset might be more likely to feel some resistance and get rejected back inside the channel, while the lower line could provide support to it. In the scenario that the price makes a breach of thes ..
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