Crypto analyst ChartNerd has indicated that XRP is on the verge of a major bullish structure shift that could send it to new highs. The analyst also noted that it was key for the altcoin to stay above the psychological $1 level for confirmation of a move to the upside.
XRP Eyes Major Bullish Structure Shift
In an X post, ChartNerd explained why XRP may be positioned for a major bullish structure shift, noting that the altcoin has experienced six months of downside with virtually no relief. He further stated that indicators such as the MACD and RSI have reached historically oversold levels, which are key signals of a bullish reversal.
ChartNerd added that XRP is also seeing a 50-month backtest on a prior 8-year resistance line and Fibonacci demand. He noted that this marks the first 50-EMA backtest since November 2024, and with this, there is a wick marked on the 0.618/0.5 Fibonacci demand zone. These demand zones are popular reversal pockets, which is another reason a bullish reversal may be on the cards for the altcoin.
Meanwhile, the analyst stated that the key objective now is for XRP to stay above $1 for continuation higher. He warned that a drop below this level could lead to a crash to $0.70, which would be the worst-case scenario relative to prior highs from 2023 to 2024 that have not been backtested.
Crypto analyst TARA recently warned that XRP could drop to as low as $0.87 if the Bitcoin crash extends to $52,200. Crypto analyst CasiTrades also predicted that the altcoin could see one last move down, dropping to as low as $0.90. However, she also stated that a successful reclaim of $1.65 could invalidate this move down.
Sellers Are Losing Momentum
Crypto analyst BitGuru stated that XRP sellers appear to be losing momentum. This came as he noted that the altcoin has been in a clear macro downtrend but is now reacting strongly from a major historical demand zone around $1.30 to $1.35. The analyst added that after months of lower highs and distribution, this area is acting as a base and that the sharp rejection from below suggests that sellers are losing momentum.
Crypto analyst Javon Marks provided a bullish outlook for the altcoin in the long term, stating that altcoin season looks to be nearing and that the token is known to thrive in those times. During this projected altcoin season, he expects XRP to recover back above $2.47 and rally towards $4.8, marking a new all-time high (ATH). The analyst added that a rally to $15 remains on the radar for the cryptocurrency.
At the time of writing, the XRP price is trading at around $1.37, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pond5, chart from Tradingview.com
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