XRP Maintains Support at $2: Is the Wyckoff Pattern Continuously Developing?
XRP has managed to hold essential support around $2 following a notable decline, with analysts citing a Wyckoff structure and macroeconomic support as potential indicators for recovery.
XRP is currently trading at $2.02 after a nearly 7% decline in the last 24 hours. Despite this drop, it remains above key support levels that have held firm for much of the previous year.
Trading volume for XRP reached $3.8 billion during the same timeframe, with prices fluctuating between $2.00 and $2.21 over the past day. Weekly performance shows a decrease exceeding 2%.
Wyckoff Setup Shows Support Still Holding
A Wyckoff reaccumulation model, shared by analyst ChartNerd, indicates that XRP is resting at the bottom of a multi-month range. Positioned in what’s termed Phase C on the chart, a brief dip below support, referred to as a “Spring,” could lead to a turnaround. As noted:
“If $XRP deviates below its multi-month support, you now know what I’m looking for.”
Chart Analysis
Source: ChartNerd/X
If the projection materializes, recovery back into the range is anticipated, potentially followed by a breakout through resistance levels. This model incorporates stages known as “Test” and “Jump Across the Creek,” phases that frequently lead to upward trends. Presently, the framework remains intact.
In another update, ChartNerd pointed to the $2.05 area as a critical point, correlating with candle closes from XRP’s previous all-time highs and the 2021 price actions. The asset still holds above this benchmark and the 20-month exponential moving average set at $1.94.
“There is STILL no loss of macro structure from the past 12 months of accumulation.”
The price continues to remain within the broader range active for most of the year. As long as such levels are defended, the overarching setup remains unchanged.
Larger Trend Intact Despite Bearish Pressure
Egrag Crypto shared a comprehensive analysis of XRP’s standing across various timeframes. Six timeframes, including 4H, 1D, 3D, 5D, 1W, and 2W, indicate prices below the 21 EMA, while the monthly chart remains above that line.
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“There is 1 KING timeframe still bullish… the monthly.”
Egrag estimates a 55–65% likelihood of XRP hitting $13 within 3 to 6 months, contingent on the monthly chart maintaining its trend.
“As long as the monthly holds above this structure, the roadmap toward $9 → $13 remains valid,” he explained in a thread.
Selling Pressure Triggers Liquidations
CW reported that recent selling activity originated from Binance and OKX, resulting in the swift sale of over 11 million XRP, causing extensive liquidations of long positions.
“Chinese whales dumped this volume… leading to the liquidation of a large number of long positions,” the analyst remarked.
Notable volatility also followed the launch of several XRP-linked ETFs. Historically, price reductions have occurred even amidst high demand following ETF releases, with four ETFs linked to XRP witnessing more than $660 million in net inflows, the most significant being XRPC, attracting over $340 million.
