XRP's Long-Standing Support Tested: Is a Significant Rally on the Horizon?

XRP’s native token has been trading around $1.89 following a decline this week. Over the last 24 hours, there has been a slight decrease, totaling more than 3% loss over the past week. Previously, XRP reached as high as $2.40 before experiencing a sharp retreat, relinquishing most of its gains achieved this year.

Focus on $1.80 Support

Analyst ChartNerd notes that XRP has successfully defended the $1.80 zone for almost 13 months, utilizing it as a basis for multiple rebounds. Current trends show the price fluctuating within a descending channel, indicating another test of upper resistance levels. Historical patterns suggest that similar setups have led to breakout rallies.

“If $XRP defends $1.80 like it has for the past 13 months,” ChartNerd shared via Twitter, “descending resistance awaits above. If cleared… it would indicate a shift back toward $2.70.”

For the bullish movement to be confirmed, the price needs to close above this resistance.

In another analysis, ChartNerd highlights a larger structure dating back several years, mirroring the 2015-2017 cycle where an ABC correction culminated in a Fibonacci demand zone before a breakout. The current pattern also indicates an ABC structure situated within a support region between $1.17 and $1.53.

If this trend persists, the forecast could extend to an impressive $27. Current indicators suggest early signs of strength, yet the breakout level remains untested.

Triple Bottom Pattern Near Resistance

Egrag Crypto presents a chart indicating a triple bottom formation, characterized by three distinct lows around the same support level, which serves as a crucial support zone. A resistance line lies above this pattern, with the price currently hovering just below.