XRP has experienced a weekly decline of over 10%, with bears driving the asset below $1.35 before it found support. Prior to the downturn, analysts had speculated on the cryptocurrency's potential to test major resistance levels between $1.51 and $1.53, followed by a move toward $1.60.
Despite the recent slump, analyst EGRAG CRYPTO indicated that the asset could retrace further to $1.20 while maintaining its bullish structure. Based on an analysis of the monthly chart involving the 33 EMA and 111 EMA, the analyst views $1.20 as a key macro level. As long as XRP holds above this area on a monthly closing basis, the broader bullish thesis remains intact, whereas a sustained breakdown would invalidate the pattern.
Should XRP continue its recovery from the sub-$1.35 low, EGRAG identified $1.65 as the first major level to reclaim, with potential higher targets if the structure develops further.
Meanwhile, another analyst, Bird, highlighted a different structure on the four-hour chart, pointing to three descending resistance trendlines. According to this analysis, a long-term ascending support line, a demand zone between $1.30 and $1.34, and resistance between $1.52 and $1.56 are currently in play. The analyst suggested that an upside breakout past resistance could potentially open the door toward $2.00, a view supported by analyst Celal Kucuker.
