XRP price fell 5.33% to $1.14 within 24 hours, pulling back after completing a double bottom pattern that reached the specified target price of $1.29. The pattern played out exactly as expected, with the $1.29 target reaching the nearest cent before the current pullback began.
One analyst said The pattern has now been completed and the target price has been achieved. This step is finished.
Why does regression happen?
There are two factors driving the current decline. XRP became overbought in the short term after rising to $1.29 and is now cooling off those high readings. Additionally, the token fell back below the $1.18 to $1.19 level that briefly served as support, removing a layer of the near-term price cushion.
A break below the $1.18 level is a signal of a short-term momentum shift. The next support level is now $1.13, which is the same weekly support that has held through the entire current bear market.
Key levels
$1.13 is the most important line now. He has consistently been a key support and remains the floor the bulls must defend. A confirmed breakout and close below $1.13 would open the door to the next major support area between $0.90 and $1.00, which is a significant drop from current levels.
Upside resistance is located near $1.30. This level must be cleared and maintained before any meaningful recovery story can develop.
The long-term downward trend has not reversed. The price of XRP is still above $1.13 at the moment, but the larger structural picture is still unclear. No confirmation has been reached at the bottom of the cycle and the weekly chart has yet to produce the kind of signal that might indicate that the bear market has ended once and for all.
Was this writing helpful?
The story ends here
Trust with CoinPedia:
CoinPedia has been providing accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert team of analysts and journalists, following strict editorial guidelines based on EEAT (Expertise, Expertise, Credibility and Trustworthiness). Each article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy ensures unbiased reviews when recommending exchanges, platforms or tools. We strive to provide timely updates on everything cryptocurrency and blockchain, from startups to industry specialties.
Investment Disclaimer:
All opinions and ideas shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication accepts responsibility for your financial choices.
Sponsored and advertisements:
Sponsored content and affiliate links may appear on our site. Ads are clearly labeled, and our editorial content remains completely independent from our advertising partners.
Read upcoming news
