Analyst Predicts XRP Rebound After 65% Correction Amid Market Crash
The recent market crash affected XRP, dropping its price to $1.2 before a partial recovery. Analyst Steph suggests this could be a critical turning point, though his analysis presents a mixed outlook based on historical patterns and current indicators.
Key Observations
- XRP's weekly structure mirrors the 2020-2021 cycle, which led to a 74% correction. A bearish RSI divergence suggests fading buying momentum.
- The recent 65% correction aligns with past patterns, lasting over 80 days, indicating a potential end of the corrective phase.
- Macroeconomic factors, like the US tariff on Chinese imports, influenced the market crash and XRP's liquidation.
- XRP has cleared liquidity zones around $2.25, potentially setting the stage for a rebound toward new highs above $4.
Price Levels to Monitor
- XRP needs to reclaim the range between $2.65 and $2.84 to confirm a recovery phase.
- The 50-week SMA, currently around $2.45, is crucial; closing below it may indicate a bear market.
- A weekly close above $2.4 and breaking above $2.65 could lead to bullish momentum.
Currently, XRP trades at $2.52, up by 2.6% in the past 24 hours.
