Recent shifts in XRP's market dynamics have prompted analysts to reassess its technical structure and potential future trajectory. Investors are closely observing key support levels and momentum shifts to determine the possibility of a rebound.
Revised Analysis of XRP
Analyst XForceGlobal has updated their macro analysis of XRP, focusing on market inefficiencies and wave structures. According to their latest update, they have revised their Elliott Wave count to maintain the integrity of a five-wave impulse structure. A key factor in this assessment is the 50% bounce, providing an opportunity for the fifth wave to complete, given that a protected low remains intact. The anticipated pullback has already occurred, fulfilling the minimum conditions necessary for further upward movement.
XRP Technical Indicators
XRP's technical indicators show signs of bearish momentum, with its RSI reading at 38.46, indicating a move below the neutral midpoint. The secondary line at 54.29 suggests weakening bullish pressure, but XRP hasn’t yet reached oversold levels. The MACD line crossed below the signal line at 0.08795, indicating bearish momentum. The histogram shows negative values, indicating increased selling pressure.
Support Levels and Future Outlook
On the chart, support levels are located between $2.4 and $2.5, where XRP may stabilize before its next move. Despite a strong bullish run in late 2024, the current daily price chart for XRP suggests a correction phase. At press time, XRP trades at $2.51 according to CoinGecko, with the Ripple token having declined in price over the past day and week.
Despite the bullish outlook, XForceGlobal cautions that continued market distribution could revisit XRP to an earlier scenario, signifying uncertainty in short-term price action. Analysts emphasize the importance of closely monitoring market developments as they refine their targets.
