XRP experienced a brief dip below $2.34 before rebounding toward the $2.40 region, indicating strong short-term recovery momentum. However, the latest pullback to around $2.38 suggests sellers are still active near resistance levels.
As of this writing, the memecoin was exchanging hands at around $2.38 with a 24-hour loss of 0.68%.
Source: CoinMarketCap
According to analyst Ali Martinez, XRP has been on a steady downward trajectory after failing to hold key resistance levels near the $2.60 and $3.10 marks.
The chart shows that XRP’s recent price action has formed a consistent pattern of lower highs and lower lows, signaling weakening bullish momentum.
Despite minor relief rallies, the overall trend remains bearish, with sellers maintaining control as the asset continues to lose support zones one after another.
Martinez highlighted that if the current decline persists, XRP could be on track to retest the $2.00 level, which stands out as the next significant support area.
A drop to this region could determine whether XRP stabilizes for a potential rebound or continues its descent toward new lows.
XRP gears up for a breakout with strong reversal signals ahead
According to analyst ChartNerd @ChartNerdTA on X, the chart suggests that XRP is currently positioned near the lower boundary of a well-defined ascending channel, acting as strong support.
Price action shows a pattern of higher lows, indicating sustained bullish momentum despite temporary pullbacks.
The outlined projection anticipates a rebound from this support region, targeting a potential move toward the upper resistance of the channel around $5.
However, for XRP to regain the bullish momentum, analysts maintain that the altcoin must not drop below the key support at $2.36.
This would align with the continuation of XRP’s long-term uptrend, suggesting that the current correction phase may be nearing its end.
Source: X
Technical indicators further strengthen this bullish outlook. The MACD histogram displays a sequence of higher lows, indicating diminishing bearish momentum and potential trend reversal.
Additionally, the Stochastic RSI has dipped into the oversold territory, typically a precursor to upward movement as buyers begin to regain control.
Combined, these signals indicate a high probability of XRP initiating a new impulsive wave, potentially leading the next round of rallies among major cryptocurrencies, also known as “blue chips.”