 ▲ XRP / ChatGPT-generated image |
XRP is preparing for a major rebound toward $1.38 after overcoming a recent period of price stagnation and securing a key support level.
According to crypto media outlet NewsBTC on March 9 (local time), XRP is technically attempting to break out of a descending triangle pattern, stimulating bullish buying sentiment. Despite a recent price correction, it has formed a strong defense around the key support level of $0.60, preventing further declines. Crypto analyst Dark Defender noted that XRP still remains within a strong bullish flag pattern from a macro perspective, suggesting that its long-term uptrend remains intact.
Market analysts have identified $0.6649 and $0.7707 as short-term resistance levels that XRP must overcome to reach its next target of $1.38. In particular, a daily close above $0.66 is expected to signal the full-scale beginning of Wave 3. As long as the price steadily holds above the 23.6% Fibonacci retracement level, upward momentum is likely to strengthen gradually. Defender forecast that XRP will soon reclaim the $1 mark and draw a steep upward curve toward the $1.33–$1.38 range.
Technical indicators are also sending positive signals, supporting the possibility of further gains. The Relative Strength Index (RSI) has rebounded from oversold territory and is recording neutral-to-positive levels, indicating renewed buying interest. The Moving Average Convergence Divergence (MACD) is also showing slowing downward momentum and is on the verge of forming a golden cross, raising expectations of a trend reversal. Improvements in these indicators are restoring retail investor sentiment and injecting vitality into the market.
However, caution over downside risks remains necessary. If XRP fails to defend the $0.58 support level, additional price corrections may be inevitable, with some analysts warning of a possible drop to $0.52. Market attention is currently focused on whether XRP can establish a meaningful breakout on higher time frames in tandem with Bitcoin’s movements. Amid signs of accumulation by whale investors, the defense of the $0.60 level is expected to be a key variable determining short-term direction.
Ultimately, XRP’s next move depends on how quickly it can break through major resistance levels and whether trading volume accompanies the breakout. Analysts view the current phase as the final stage of energy consolidation ahead of an explosive rally, maintaining an optimistic outlook that reaching the $1.38 target is only a matter of time. Investors are advised to closely monitor changes in technical indicators and establish response strategies amid expanding volatility.
Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses resulting from it. The content should be interpreted solely for informational purposes.