XRP has shifted sharply from a period of accumulation into a significant weekly pullback. According to Tradingview data on February 2nd, the token is trading around $1.59, reflecting a steep 13% decline over the past week.
The recent peak failed to hold, signaling that sellers have regained control and the price is drifting closer to a key support zone formed during previous consolidation phases.
The trend and structure metrics indicate that XRP has already experienced an extended period of upside action in the previous weeks. The Trendoscope run-up and pullback information indicates that the current correction is healthy but structurally challenged.
Since the pullback period has already exceeded the average, the market is in a precarious state if support is not maintained. There is also a lack of new bullish activity.
XRP Enters Major Historical Demand Zone
Technical analysis favors the bearish scenario. The EWI_LB oscillator has strongly crossed into the negative region, with all key elements below zero.
This shows a reduction in bullish force and an increase in bearish momentum, which is common during the higher timeframe correction phase. More importantly, there is no bullish divergence present, which means that the bearish risk is still active.
BitGuru pointed out that XRP has reached a critical point in its history at a strong demand zone where buyers previously entered the market. The momentum is slowing down, and this is a critical point for the token.
Looking at the daily charts, it is clear that XRP has moved out of the previous ranges where buyers and sellers were in balance to a strong downtrend, with the first signs of a possible reversal. The ranges that were previously in balance have now become strong supply levels, preventing any further advances until late 2025.
Key Support at $1.65–$1.70 Holds Selling Pressure
The selling pressure eased in December and January, with prices remaining close to the $1.65-$1.70 support area. This horizontal level absorbed the selling pressure, resulting in long wicks and price actions that indicate buyers are supporting the area.
The current relief rally from the support area is not a reversal. For XRP to advance further, it has to maintain this level of support and begin forming higher lows as it approaches the resistance range of $2.20-$2.30.
If it manages to close the day above this range, it will shift its market outlook from bearish to neutral or even bullish. Until then, any increase is only expected to be a pullback in the larger bearish trend, with $1.65 remaining an important level to hold.
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