The cryptocurrency XRP has entered a clear weekly corrective trend, declining approximately 13% to trade around $1.59. Technical indicators show ongoing bearish pressure, with key support near $1.65-$1.70 being critical. Analysts note the price has reached a major historical demand zone, where buyers previously emerged, but a sustained reversal would require reclaiming resistance around $2.20-$2.30.
XRP has shifted sharply from accumulation into a significant weekly pullback. According to Tradingview data on February 2nd, the token’s price reflects a steep 13% decline over the past week.
The recent peak failed to hold, signaling sellers have regained control. The price is drifting closer to a key support zone formed during previous consolidation phases.
Technical analysis currently favors the bearish scenario. The EWI_LB oscillator has strongly crossed into the negative region, indicating increased bearish momentum.
Analyst BitGuru pointed out that XRP has reached a critical historical demand zone where buyers previously entered. BitGuru pointed out that XRP has reached a critical point in its history at a strong demand zone where buyers previously entered the market.
Selling pressure eased in December and January with prices near the $1.65-$1.70 support area. This horizontal level absorbed selling pressure, indicated by long wicks and price actions suggesting buyer support.
The current relief rally from the support area is not considered a reversal. For XRP to advance further, it must maintain this support and begin forming higher lows as it approaches the $2.20-$2.30 resistance range.
A daily close above this resistance range would shift the market outlook from bearish to neutral or bullish. Until then, any increase is expected to be only a pullback within the larger bearish trend.
