XRP is trading near $2.00 after falling more than 5% over the past week. The price is sitting at the lower end of a range that has held for over a year, between $1.7 and $3.5. Some traders are watching this area for signs that a bottom may be forming.
Weekly Chart Shows Support Holding
ChartNerd shared a weekly chart showing XRP holding near the bottom of its trading range. It outlines a five-wave corrective structure, with the fifth (5) now at support. This structure suggests that the recent move down may be reaching its end.
Notably, the analyst also pointed to key indicators. The Stochastic RSI is oversold, MACD is forming a base, and RSI is showing compression. These conditions have appeared near previous lows.
“Several indicators on the weekly are pointing to a low being marked back down in this Trading Range support territory,” the analyst posted.
Furthermore, another chart shared by ChartNerd compares the current price action to XRP’s setup in 2017. In that cycle, the price dipped into the 0.382 Fibonacci retracement level before moving sharply higher. The same level now sits around $1.55 and is marked as the “area of interest.”
The post noted that a dip into this zone, followed by a bounce, could repeat that move. A long-term break above $3.5 would be needed to confirm a shift out of the current range.
“Support holds, but this ‘Spring’ would be an opportunity,” ChartNerd wrote.
Daily and Intraday Setup Still Developing
CryptoWZRD shared that XRP closed the daily session slightly bullish. However, they said XRPBTC remains uncertain and that Bitcoin’s next move could influence direction. Above $2, the trend would be bullish. Below that, the risk of more downside remains.
On the intraday chart, the analyst noted a possible short if the price fails after testing $1.9. A move above $2.1 would trigger a bullish setup. The current focus is on waiting for a clearer opportunity.
Despite bullish signals, XRP remains under pressure after slipping below short-term support. Some market watchers are cautious of a deeper drop toward the $1 area if current support fails, as previously reported. Still, strong interest remains around the $1.55–$1.70 zone, where buyers may step in again.
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