XRP is trading within a corrective phase, rebounding from oversold conditions near $1.20 to approach $1.35-$1.40. Analysts note the broader downtrend remains intact, with key resistance seen at $1.75-$1.90. Market data shows declining open interest and futures volume, indicating reduced trader activity.
XRP continues to trade within a corrective phase on its USD and BTC pairs. The recent rebound from an oversold position near $1.20 has reduced immediate downward pressure.
The price action remains within a descending channel established since late last year. According to TradingView data, this rebound has not yet tested the major resistance area of $1.75 to $1.90.
Analyst CryptoJobs highlighted that XRP maintains a bearish outlook on daily and weekly charts. He stated, “XRP is currently maintaining a bearish outlook on its daily and weekly charts.”
The analyst noted the price is approaching its 2018-2024 50% Fibonacci region. This could place a potential long-term bottom near $1.00 to $1.05.
Bullish momentum would not change unless XRP moves past the resistance range of $1.78 to $1.80. The monthly resistance at $2.01 also presents a key hurdle.
Another analyst, CryptoWZRD, mentioned that XRP closed the latest trading session with indecision. He indicated the intraday chart is near the $1.3820 support level, and Bitcoin’s price movement will influence XRP’s direction.
According to CoinGlass data, open interest has declined by 5.25% to $2.28 billion. Futures volume also reduced by 28.52% to $4.54 billion, suggesting decreased market activity.
