Cryptocurrency analysis company MakroVision has shared its new assessment of the XRP chart. While noting the recovery following the recent sharp sell-off, the company stated that the downtrend is not yet over in the medium term.
According to MacroVision, XRP recently experienced a rapid sell-off, forming a new “lower low.” The analysis notes that such strong movements are typically seen in the final stages of major corrections and often coincide with investor capitulation.
Following this low point, XRP attempted a short-term recovery. The price rising by over 30% in a short period was considered the first strong rebound after the sell-off. According to the company, such sharp reversals are typical initial reactions following a strong decline.
MacroVision stated that despite a short-term recovery, XRP is still in a downtrend in the medium term. Specifically, they indicated that the overall outlook remains bearish unless the “resistance cluster” formed by the falling red trendline and the main resistance zone around $2.20 is broken.
According to the analysis, it is too early to talk about a trend reversal as long as the lower peaks pattern continues.
According to the company, regaining the $1.80-$1.85 range is seen as a strong technical signal. A sustained break above this area could increase the likelihood of a continued recovery. However, the liquidity zone extending to $1.35 remains a critical support area in the short term.
MacroVision also noted that deep and sudden pullbacks during the recovery process could be a warning signal against a sustainable uptrend. In the past, similar patterns have often resulted in the formation of new lows.
*This is not investment advice.
