XRP closed in the red during six of the past seven daily trading sessions, as weakness across the broader crypto market continued to weigh on prices.
Over the past 24 hours, XRP dropped 2.1%. Trading volume rose 67.5% over the same period, signaling renewed selling pressure.
XRP’s price action has held up better than other top-five cryptocurrencies, with a year-to-date decline of just 1.9%.
In comparison, Solana (SOL) and Ethereum (ETH) have seen losses of 33.4% and 44.7%, respectively, over the same time frame.
Looking at the weekly chart, XRP has been consolidating since early January, when it approached its all-time high for the first time in seven years.
A bullish pennant pattern has emerged as a result. This pattern often signals a pause before a potential continuation of an upward trend, following XRP’s rally between November and January.
For long-term traders who anticipate a retest of XRP’s all-time high, the $1.80 area has served as support and may attract interest.
A bounce from this level could form a double-bottom structure, which would support a bullish outlook.
Meanwhile, a break above the $3.50 area could confirm the pennant’s bullish bias and potentially pave the way for a test of the $4 mark, which has yet to be reached.
XRP Price Strategy on Daily Charts
On the daily chart, a broader area of support between $1.80 and $2 has helped cushion recent pullbacks. Buyers have repeatedly entered the market at these levels, supporting the price.
However, as with the weekly chart, momentum indicators suggest bearish pressure remains in play, making a retest of $1.80 likely.
However, as with the weekly chart, momentum indicators suggest bearish pressure remains in play, making a retest of $1.80 likely.
XRP has also formed two consecutive lower highs on this time frame, pointing to a continuation of the downtrend.
The MACD histogram shows negative momentum building, with sellers taking control over the weekend.
As long as XRP remains above $1.80, its long-term outlook could stay intact. But if that support breaks, the next significant level is around $1.30—implying a potential 28% downside from current prices.
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