XRP, has the bear market officially started? Support levels have been breached, and selling pressure continues.
XRP is showing a deep downtrend, continuously breaking through key technical support ranges. Although the recent price has entered a major demand area, the upward momentum remains insufficient. The market is likely to continue in an adjustment phase in the short term.
Bearish structure solidified... Limited rebound space before recovering to $2.00
From the daily chart, XRP is operating along a clear downtrend structure. The price continues to show a pattern of 'lower lows' and 'lower highs', reinforcing the downtrend. Currently, the price has reached the major support line around $1.50 (approximately 2182 KRW), an area formed by buying strength in the past.
However, the past demand zone has now transformed into a strong supply zone, hindering price rebounds. The general market analysis suggests that especially if XRP cannot reclaim the $2.00 to $2.20 range (approximately 2909 to 3200 KRW), any medium to short-term rebounds may also be limited to a "temporary rebound within a downward trend."
The overall structure indicates that XRP has entered the "distribution phase." Buyers have not yet entered in large numbers and are still maintaining a defensive posture.
From the 4-hour chart, XRP... downward pressure still exists
The short-term trend is also not optimistic. On the 4-hour chart, XRP is operating within a clear downward channel and has recently even fallen below the $1.85 to $1.90 support range (approximately 2690 to 2764 KRW). This has resulted in the short-term upward structure also being declared invalid.
The broken support line has turned into a new seller supply zone. Even if the price rebounds to this area in the future, it is highly likely to be just a "technical rebound" within a downward trend.
There are concerns that if the price continues to face downward pressure along the declining trend line, it could further drop towards the next major demand area, which is the $1.30 to $1.40 range (approximately 1891 to 2037 KRW). From a technical perspective, this can be interpreted as a "reconfirmation of the higher timeframe demand zone."
After a short-term adjustment, it may seek direction
In summary, XRP currently shows a bearish trend both long-term and short-term, compounded by the loss of major support levels and a shift in supply zones, resulting in a market structure dominated by sellers. However, a certain level of consolidation may occur in the current demand area, but this should be interpreted more as a short-term pause rather than a trend reversal. The clear timing for a trend reversal is expected to depend on whether it can successfully reclaim the $2.00 level.
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TP AI Notes
This article is generated based on the TokenPost.ai language model, used for article summaries. There may be omissions of the main content or discrepancies with the facts.