XRP analyst closes short at $1.22 after 6% move, eyes next targets

XRP has been experiencing a steady downward trend since August, with patterns unfolding clearly on the charts. Crypto Michael (@MichaelXBT), a prominent crypto analyst and one of the early investors in Bitcoin , has been closely observing these developments and acting on them with a strategic approach. Michael has focused on XRP’s movement within two descending price channels since August. At the close of that month, the digital asset reached a local high of $1.68 before entering its first descending channel, which contained the price action through the end of September. As September drew to a close, XRP briefly rallied above the channel, touching $1.65. The breakout lost steam quickly, leading XRP into a second descending channel that continues to dictate the market structure today.

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