XRP is trading near $2.17, revisiting a key support zone from before previous rallies. Analysts are looking for a breakout or a further downtrend.
Analysts are looking at whether the current structure can support a new major step.
Test a known zone
A chart shared by ChartNerd shows XRP is hitting the middle regression band of the growth curve (GC). This same level acted as a base before the July 2024 breakout. The price is now between $2.00 and $2.20, roughly the same range where the last rally started.
Specifically, the chart outlines a possible iteration of that setup, showing a gray box corresponding to the previous consolidation. Long wicks on recent candles may indicate that buyers are entering at the bottom of the range. ChartNerd noted that this zone “could be our fundamental basis“, but price stability is still needed.
Moreover, analyst EtherNasyonaL posted a monthly chart showing XRP trading within a clear range. The support level is around $1.99 and the resistance is around $3.31. The structure held for several months, with the price continuing to move sideways.
The analyst described this as a phase of reaccumulation. The setting remains valid as long as the asset remains between these levels.
“Unless the structure is broken,” they said, “this silence will set in motion a new leg.”
A break above $3.31 would mark a trend shift, while a decline below $1.99 could reset expectations.
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Short-term charts show uncertainty
CryptoWZRD posted a bearish daily outlook, noting that both XRP and XRPBTC closed weak. The next resistance is at $2.75, with $2.00 acting as the main support. A break above the daily high could open the way to $3.65, but for now the chart is leaning bearish.
On shorter terms, price action has been choppy. A decisive drop below $2.30 could trigger a short setup, while a move above $2.55 could lead to upside potential. The analyst added that she “waiting for a more mature card formation” to take action.
On-Chain Activity and Portfolio Growth
CryptoQuant market technician CryptoOnchain reported that major XRP holders have been sending coins to exchanges. This move is often associated with profit taking or exits, especially during price increases. The analyst described it as a classic “sell the news“line-up.
Despite the decline, 21,595 new XRP wallets were created in just two days – the largest spike in eight months as CryptoPotato reported.
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