Since dropping below $3 earlier this month, XRP’s attempts to reclaim the level have been unsuccessful. However, in the past 24 hours, the altcoin has shown renewed strength, suggesting another push toward the price.
Despite this occasional price increase, strong resistance restricts the token, preventing a sustained breakout.
Here is how XRP price might fare as it struggles to overcome this bearish structure.
Late last year, XRP formed a bullish pennant on the daily chart. The pennant, which came with a sustained rally and brief consolidation, drove XRP’s price above $3.30.
During that period, speculation spread that the token could reach a new all-time high. However, the move was invalidated.
This invalidation happened as a result of lower demand for the cryptocurrency. As a result, the technical setup changed from a bullish pattern to a descending channel.
A descending channel is a pattern that indicates a sustained downtrend. It forms when two parallel trendlines connect a series of lower highs and lower lows, indicating consistent selling pressure.
As it stands, XRP’s price has held the $2 support to prevent another correction. The chart below also shows that it could be in line to test the upper resistance level at $2.54.
If sustained, this could halt XRP’s recent uptrend, and the price might struggle to retest the $3 mark.
XRP Price Outlook: Further Rally Unlikely
Looking at the price action from the 4-hour timeframe, CCN noticed that XRP could face resistance as it tries to hit higher levels. One indicator supporting this outlook is the Parabolic Stop And Reverse (SAR) indicator.
When the dots of the Parabolic SAR are below the price, it indicates support. In that situation, the price can increase. But since it is the other way around, XRP could struggle to climb significantly higher.
Signals from the Moving Average Convergence Divergence (MACD) also seem to agree with this bias. As of this writing, the MACD reading hovers near the zero line, indicating that momentum is not bullish.
Should this remain the same, XRP’s price could drop to $2.13 at the 0.382 Fibonacci retracement level. Failure to hold this line could lead to another correction.
In that case, the altcoin might slide to $1.98. However, the CMF reading might reverse to the positive region if buying pressure increases.
If that happens, XRP might climb toward $3.42 quickly.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
