Has XRP bottomed out? Key signals turn bullish as the price of Ripple rises

XRP is trading around $1.90 after a weekly decline of 8%, with analysts eyeing the $1.55-$1.70 support zone as technical signals suggest a possible bottom.

Weekly chart shows support holding

ChartNerd shared a weekly chart showing the XRP position at the bottom of its trading range. It outlines a five-wave corrective structure, with the fifth (5) now in support. This structure suggests that the recent decline may be nearing an end.

Also striking is the analyst be to key indicators. The stochastic RSI is oversold, the MACD is forming a base and the RSI is showing compression. These conditions have appeared near previous lows.

“Several indicators on the weekly indicate that a bottom has been reached in this support area for the Trading Range,” the analyst said.

Also a graph shared by ChartNerd compares the current price action to XRP’s setup in 2017. In that cycle, the price fell to the 0.382 Fibonacci retracement level before moving sharply higher. The same level is now around $1.55 and is marked as the “area of ​​interest.”

The post noted that a dive into this zone, followed by a jump, could repeat that move. A long-term break above $3.5 would be necessary to confirm a shift from the current range.

“The support remains, but this ‘spring’ could be an opportunity,” ChartNerd wrote.

Daily and intraday settings are still under development

CryptoWZRD shared that XRP closed the daily session somewhat bullish. However, they said that XRPBTC remains uncertain and Bitcoin’s next move could influence its direction. Above $2 the trend would be bullish. Below that, the risk of more downward trend remains.

On the intraday chart, the analyst noted a possible short if the price were to fall after testing $1.9. A move above $2.1 would trigger a bullish setup. The current focus is on waiting for a clearer opportunity.

You might also like:

Despite bullish signals, XRP remains under pressure after falling below short-term support. Some market observers are cautious of a deeper decline towards the $1 area if current support fails, as previously reported. Still, interest remains around the $1.55-$1.70 zone, where buyers could intervene again.