XRP Price Down 35% Since January Peak, Analyst Sees Reversal

XRP has decreased nearly 35% from its January peak of $3.40. Analyst Dark Defender suggests the downward trend may be near its end, indicating a potential bullish reversal.

XRP is completing an ABC correction pattern on the daily timeframe.
The Relative Strength Index (RSI) is approaching oversold levels.
Key support levels are between $1.88 and $1.91, which could trigger a reversal.
A breakout above $2.44 is necessary to confirm a trend shift; subsequent resistance at $2.99 is also critical.
Dark Defender projects an initial target of $3.00 in Wave 1, followed by potential rallies toward $5.00 - $5.85 in Wave 3 and up to $8.00 in Wave 5.

If XRP holds support and breaks resistance levels, it could signal the beginning of a new bullish uptrend. Currently, XRP trades at $2.21.