Over the weekend, XRP touched a major support level at $2.03, aligning with the 0.5 Fibonacci retracement of its broader macro structure. This level had been closely monitored by traders as a potential turning point. The reaction at this support generated bullish divergences, signaling that the selling momentum is weakening and short-term buyers are stepping back in.
The 1-hour chart for XRP/USD shows the price remaining inside a larger correction. Failure to break above $2.40–$2.45 brought XRP a strong pullback right into a short-term range between $2.10 and $2.15. This eventually broke lower to confirm the ongoing correction instead of a full reversal.
Key Support Holds Near $1.99–$2.00
Price most recently tagged a key support zone around $2.00–$1.99, which has some confluence with a measured Fibonacci extension and implies that wave (1) is complete on intraday charts. Buyers remained quick to show demand here, but unless the token can break free above the downtrend line and fail above $2.15–$2.18, the technical outlook remains weak.
It is likely to bounce back within the $2.18–$2.25 range. If the momentum increases and the token surpasses $2.30–$2.36, the weakness in selling might give way, and a move toward $2.40 and higher could be possible. Traders are using stops below $2.03 to protect against potential subwave 3 drops toward $1.65.
XRP Long-Term Structure Suggests Potential Bullish Expansion
Looking at XRP’s long-term chart, its current price pattern closely reflects what took place in 2017. The coin has paused inside falling channels/wedges, slowly squeezing with higher lows. These kinds of periods usually end up with a fake drop below support, shaking out the weaker traders before making a strong up-move.
This was also the case with the recent “fake breakdown” near $2.03. Price very quickly moved back above the lower edge of the compression area, demonstrating strong demand and less selling pressure. Since then, XRP has started to rise impulsively, suggesting the transition from distribution to growth.
According to analysts, XRP could remain in a stable uptrend as long as the price is above this recovered zone, repeating past cycles and targeting possible moves above $16.5 in the long term, more than a 663% gain from the current levels.
Also Read: XRP Revisits Trend-Defining Zone With Ripple’s $40 Billion Growth Story in Focus
