- XRP dropped 11% to $1.2795, hitting the ascending channel’s lower trendline as predicted, providing a key support level for potential recovery.
- The asset has rebounded 14% to $1.47, with analysts expecting a break past the $1.63 resistance toward $1.7.
- A successful rally could test 2021 highs at $1.96, but an overbought RSI at 86 warrants caution.
The ongoing market-wide pullback has put XRP under pressure, with the asset dropping over 1% in the last 24 hours. Market analyst MichaelXBT has laid out a roadmap for XRP, predicting a further decline to a key support level before a potential rally to its 2021 highs.
MichaelXBT recently highlighted an ascending channel in XRP’s 4-hour chart, which has governed its price action since mid-November. This bullish pattern, marked by higher highs and higher lows, underscores strong market optimism. However, the token’s peak at $1.63 on Nov. 23 hit resistance, triggering the current retracement.
The analyst foresaw a steeper decline as XRP retested the channel’s upper boundary. This prediction materialized when the token plunged nearly 11% to a low of $1.2795, aligning perfectly with the channel’s lower trendline. This level serves as a crucial support, providing bulls an opportunity to stage a comeback.
XRP Recovery in Motion: Aiming for 2021 Highs
Since hitting the $1.2795 low, XRP has rallied over 14%, now trading at $1.47. MichaelXBT remains confident, noting that the token’s trajectory aligns with his forecast. If this trend continues, the asset could surpass the $1.63 resistance and aim for the channel’s upper boundary near $1.7.
Breaking past $1.7 could unlock further gains, targeting the 2021 high of $1.96, a key resistance level during the last bull run. Market veteran Peter Brandt suggests that breaching this zone could propel the token to unprecedented levels. The next major Fibonacci resistance is at $2.34, but with an RSI of 86, the market appears overbought, signaling potential caution.
XRP’s journey through this pullback underscores the market’s volatility. As bullish forces regroup, all eyes are on whether the asset can reclaim its former glory.
