XRP’s Bearish Market Holds Surprising Short-Term Potential

XRP: Potential for Further Decline?

XRP has been holding above the strong support level around $1.82. Attempts to break below this demand zone have failed three times recently. The first attempt occurred on November 21 with a low of $1.82, the second on December 19 at $1.77, and the last just three days ago at $1.82.

Corvinus suggests that this display of strength could lead to an upward movement for XRP in the short term. He believes that a short-term rebound from current levels would not be surprising.

However, Corvinus does not see a sustainable uptrend in XRP yet. He emphasizes that the “big picture” for XRP remains bearish, and potential upswings would occur as lower peaks controlled by the descending trendline.

Notably, XRP has shown a quick recovery after a sharp decline to $0.77 on Binance on October 10. Yet, since then, it has been moving within a descending channel. Although bulls have repeatedly defended the $1.82 support, this structure indicates a clear downtrend and puts pressure on XRP’s price.

Critical Decision Zone

Corvinus also notes that unless XRP can break above and sustain itself out of this descending channel, it will remain in the bearish zone. Any potential upswings from these levels would be merely limited reactionary movements.

According to the shared chart, XRP needs to rise to $1.98 to break the resistance of the formation’s upper trendline. This places XRP in a critical decision zone, where subsequent price movement will determine the cryptocurrency’s direction.

Should selling pressure decrease, XRP may experience a strong recovery. However, if the price falls below the $1.82 support, lower levels could emerge.