- XRP rallied over 284% from mid-2023 lows, breaking a multi-year downtrend and signaling renewed bullish momentum in the market.
- After peaking above $3.40, XRP now consolidates near $1.94, showing strength and setting the stage for a potential new rally.
- Bullish signals on lower timeframes suggest XRP may be gearing up for another upward wave as support holds firm post-correction.
According to Crypto analyst Javon Marks, XRP has rebounded strongly from its long downtrend, marking a shift in market sentiment. From a consolidation at $0.47 in mid-2023, the coin rose above $3.40 in late 2024. The breakdown of the multi-year downtrend line signified the end of a bear cycle that started in 2021. This rally, therefore, represents a fantastic reversal, with XRP rising more than 3.8 times its lows in 2023. Also, current levels of around $1.94 indicate that XRP has still maintained value following the correction, positioning itself well for yet another bullish leg.
A Multi-Year Downtrend Finally Ends
XRP’s multi-year downtrend began after its 2021 peak near $2.00. The asset consistently made lower highs, following a descending trendline for over two years. By July 2023, XRP traded at $0.47, consolidating after an extended bearish phase. However, bullish signals began to show up on lower time frames. These were indicative of an imminent breakout, one that soon followed. XRP busted through the long-term trendline resistance, unleashing a steep uptrend that saw it hit new multi-year highs.
Besides the trendline break, increasing volume during the breakout phase confirmed growing market confidence. The move from $0.48 to $1.94 marked a 284.22% increase, matching historical price targets projected in mid-2023. This price action illustrated a textbook bullish reversal fueled by strong demand and renewed investor interest.
Price Consolidation Sets Up the Next Move
After peaking around $3.40, XRP retraced but maintained support near $1.94. This suggests the asset is entering a new consolidation phase. Additionally, the current market structure supports a bullish continuation. Bullish signals on the 4-hour chart reinforce the idea that another upward wave is forming. Moreover, the current correction appears healthy rather than indicative of a trend reversal. Hence, XRP’s price is now at a crucial inflection point, where strong technical backing could drive further upside.
