The price of Ripple’s XRP is trading at the midline of a long-term pattern. Whether it breaks down or bounces will determine the future trend.

The XRP price has fallen since the channel’s resistance line rejected it on March 29. A breakdown from the channel’s midline will put the entire bullish structure and previous upward movement at risk.

Ripple Price Falls Below Important Resistance

The XRP price has traded inside a long-term ascending parallel channel since June 2022. An ascending parallel channel is a pattern that involves the price bouncing between two parallel resistance and support lines.

This pattern is typically considered bearish, suggesting that a breakdown is the most likely outcome.

The channel’s resistance line rejected the price on March 29 (red icon), initiating the current downward movement. Shortly afterward, it fell below the $0.53 horizontal area and validated it as resistance (red icons).

Both are considered bearish signs and often lead to downward movements. Currently, the digital asset trades just above the channel’s midline. Whether it bounces or breaks down can determine the future trend.