The XRP price has fallen back towards $1.37, but according to crypto analyst XRPCaptain it is far too early to speak of a bear market. On a multi-year graph, he sees a technically decisive moment that in the past often turned out to be the start of a strong recovery.
The analyst shared a weekly XRP/USD chart showing a rising channel that has been holding since 2022. According to him, XRP tests the bottom of that channel, a zone that previously served as a springboard several times.
XRP has been moving within an ascending channel for four years
On the chart, XRP has been moving within an ascending parallel channel for almost four years. Every previous touch of the lower trendline was followed by a powerful rise towards the upside.
Now the price is again at that crucial support zone between 1.30 and 1.40 dollars. According to the analyst, this does not indicate structural weakness, but a technical retest within a broader upward trend. In his scenario, XRP could move towards the top of the channel again from here. It is currently above $4.
The current decline, however painful, still fits within a bullish structure. In the short term, sentiment looks weak, but on higher time frames the uptrend remains intact as long as support holds.
The zone around $1.37 therefore functions as a crucial pivot point. As long as the multi-year trendline holds, the bullish structure remains technically intact. Only with a convincing breakthrough below this support would the picture fundamentally change.
Source: https://newsbit.nl/xrp-test-cruciale-steun-op-137-analist-verwacht-stijging-naar-4/
