The analyst observed that the recent declines occurred in a slow, uneven, three-step manner, contrasting with the preceding rapid and robust rallies. This difference suggests that the overall trend remains upward. The latest decline also established a new low on Friday, completing a classic correction pattern, according to him.
“We have finished a classical pattern,” the analyst remarked, though he noted that a confirmed reversal has yet to be detected.
Key resistance levels for $XRP
- $1.56: A significant breach above this last peak would indicate that the recent pullback has concluded.
- $1.66: This is a more substantial barrier, marking the beginning of an extensive resistance range that spans from $1.66 to $2.80. The $XRP price interacted with this level in February, March, and May.
Potential upward targets
If $XRP surpasses $1.66, the subsequent levels to keep an eye on include:
- $1.94: the next point of resistance
- $2.14 to $2.99: the primary target zone identified by the analyst, as long as the lows from September remain intact
- $11 and higher: a long-term forecast that would only be relevant if the rally from the August low evolves into a more substantial five-step increase. The analyst emphasized that this is not a mandatory target for $XRP.
Critical support levels
- $1.32 to $1.49: the short-term support range, where the current pullback ideally should conclude
- $1.10 to $1.37: a broader support zone for the medium term
- $0.486 to $0.985: the significant support area, with $0.73 and $0.48 being crucial levels to observe if $XRP drops further
The analyst cautioned that $XRP still has potential for further declines within the $1.32 to $1.49 range. A dip below this area would require a reevaluation of the current outlook.