en.bitcoinsistemi.com
Cryptocurrency analysis company MakroVision has shared its new assessment of the $XRP chart. While noting the recovery following the recent sharp sell-off, the company stated that the downtrend is not yet over in the medium term.
According to MacroVision, $XRP recently experienced a rapid sell-off, forming a new “lower low.” The analysis notes that such strong movements are typically seen in the final stages of major corrections and often coincide with investor capitulation.
Following this low point, $XRP attempted a short-term recovery. The price rising by over 30% in a short period was considered the first strong rebound after the sell-off. According to the company, such sharp reversals are typical initial reactions following a strong decline.
MacroVision stated that despite a short-term recovery, $XRP is still in a downtrend in the medium term. Specifically, they indicated that the overall outlook remains bearish unless the “resistance cluster” formed by the falling red trendline and the main resistance zone around $2.20 is broken.
According to the analysis, it is too early to talk about a trend reversal as long as the lower peaks pattern continues.
According to the company, regaining the $1.80-$1.85 range is seen as a strong technical signal. A sustained break above this area could increase the likelihood of a continued recovery. However, the liquidity zone extending to $1.35 remains a critical support area in the short term.
MacroVision also noted that deep and sudden pullbacks during the recovery process could be a warning signal against a sustainable uptrend. In the past, similar patterns have often resulted in the formation of new lows.
*This is not investment advice.