$XRP has been trading below $3 since the beginning of February, which may discourage some investors.
However, here is a reason to maintain positive sentiment: technical analysis suggests that the asset would be consolidating an upward channel.
This pattern is formed when the price of an asset, in this case XRP, moves in an upward trend that is defined by two parallel lines. One represents the lower support, which marks the price lows, while the other is an upper resistance, which limits the highs.
The area delimited between these two parallel lines forms the upward channel, where the price tends to move by bouncing between support and resistance.