XRP is attempting to reclaim the $1.40 support level. Can it succeed?
Ripple (XRP) Price Outlook: Analysis
Key support levels: $1.20, $1.00
Key resistance levels: $1.40, $1.60, $2.00
Are Buyers Coming Back?
After breaking away from a blue pennant formation, XRP reversed direction and is now trying to re-establish $1.40 as support. If buyers secure that level, it would signal a bullish shift in market sentiment.
The tug-of-war between bulls and bears continues, but XRP has managed to halt its recent downtrend for the time being. The price also formed a higher low, which is an encouraging technical sign and suggests that selling pressure may be easing.
Bearish Momentum Is Weakening
The sharp fall from $1.60 to $1.30 occurred with aggressive selling and little relief, but that downward momentum now appears to be fading. Since the price reached $1.30, sell-side volume has diminished and buying interest has returned.
That shift in buy-sell dynamics puts XRP in a position to recover part of its recent losses. Reclaiming $1.40 as support would strengthen the case for a continued recovery and could set the stage for a retest of resistance around $1.60.
Lower Timeframes Show Early Bullish Signs
On the 4-hour chart, the RSI has already found a bottom and is producing higher highs and higher lows. The RSI’s moving average is also turning up. If bulls maintain momentum and volume, the RSI could remain above 50 and push toward 70, which would suggest a stronger uptrend.
Should the opening days of the week close in green, XRP stands a realistic chance of breaking out from the pennant pattern, with $1.60 a primary target for the next leg of any rally.