XRP is testing a critical technical level as it attempts to push above its 200-day EMA near $1.55. Analyst EGRAG CRYPTO states that while a weekly close above this level would signal short-term strength, the token remains trapped within a long-term descending channel, with a break above $2.20 needed to confirm a bullish trend reversal.
XRP is attempting to push above the 200 EMA and the $1.55 level, a move that market analyst EGRAG CRYPTO says would signal short-term strength if confirmed with a weekly close. Despite the attempted rally, the token remains trapped inside a descending channel that has defined its price action for months.
In a post on X, EGRAG CRYPTO stated XRP is “pushing above 200 EMA” but warned that the price is still trading inside a descending channel on the weekly timeframe. According to their breakdown, a weekly close above $1.55 would weaken the current downward trajectory, while a close above $2.20 would invalidate the bearish structure and open the path toward $2.70 to $3.60.
If XRP fails to reclaim $1.55, the analyst outlined a move toward $1.26, with a possible sweep of macro support between $0.95 and $0.85. In a separate post, they assigned a 55% to 65% probability to a deeper sweep and a 35% to 45% chance of an early breakout reclaim.
The technical standoff comes at a time when derivatives and spot activity are contracting. Analyst Amr Taha previously noted that XRP futures open interest had dropped 70% since October 2023, falling to $203 million.
At the time of writing, XRP had gained about 4% in the last 24 hours, bouncing from a recent low near $1.27. Even so, the token remains down more than 12% over 30 days and about 40% across the past year, still more than 61% below its July 2023 all-time high of $3.65.
