XRP targets the $1.32 resistance after a 15% plunge, attempting a V-shaped rebound
XRP targets the $1.32 resistance after a 15% plunge, attempting a V-shaped rebound
After plunging more than 15% in tandem with the sharp drops in Bitcoin and Ethereum and falling to the $1.15 level, XRP is attempting a rebound on bargain-buying interest after confirming a strong support zone.
According to cryptocurrency-focused outlet NewsBTC on February 5 (local time), XRP experienced an extreme breakdown as intense selling pressure pushed it below the $1.50 support level, driving the price down to $1.1356. While the price has since rebounded modestly from the $1.1350 low and recovered part of its losses, it remains below the 100-hour simple moving average from a technical standpoint, making it too early to feel at ease. In particular, repeated attempts to break above the 23.6% Fibonacci retracement of the recent decline suggest that a short-term directional decision is imminent.
Looking at technical indicators, the hourly Moving Average Convergence Divergence (MACD) shows that downside momentum is easing somewhat within bearish territory. The Relative Strength Index (RSI) remains below the neutral 50 level, indicating that buying sentiment has not fully recovered. The most important resistance at current levels lies around $1.32, and a decisive breakout and consolidation above it could open the door to a further rally toward $1.38 and $1.40.
On the downside, risks of further declines remain if upward momentum fails to materialize. NewsBTC points to $1.22 and $1.20 as key support levels, warning that if $1.20 gives way, the price could once again slide to $1.15 or even lower. Analyst Aayush Jindal noted that the price trajectories of Bitcoin (BTC) and Ethereum (ETH) will be a key variable determining the strength of XRP’s rebound.
Investors are closely watching whether XRP can break above the descending trendline near $1.38. This zone coincides with the 50% Fibonacci retracement level and is considered a strategic area where strong selling pressure is expected. If bulls manage to push through this barrier, market sentiment could shift sharply, but failure may lead to a painful correction that retests prior lows.
At present, the XRP market is locked in a tug-of-war between a technical rebound following panic selling and sellers positioning for further downside. As major cryptocurrencies continue to weaken in tandem, whether XRP can demonstrate independent resilience is expected to serve as a barometer for the future direction of the broader altcoin market.
*Disclaimer: This article is for investment reference only and bears no responsibility for investment losses based on its content. The information should be interpreted solely for informational purposes.*
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