XRP climbs back above $1.13 after sharp drop to $1.05

XRP rebounded above the critical $1.13 support level following a sharp slide to $1.05 during the recent market correction. While analysts maintain a cautious short-term outlook, they highlight that the divergence between price action and momentum indicators could signal a potential recovery in the near future.

Recovery at the support zone draws attention

Market analyst CryptoPulse noted that XRP made a swift comeback after briefly dipping below a key support area. During this downturn, the price dropped to around $1.05, triggering stop-loss orders and prompting a significant closure of leveraged positions, before buyers stepped back into the market.

One notable aspect of the analysis was that while the XRP price set lower lows, the RSI indicator formed a higher low compared to February. In technical terms, this “positive divergence” often suggests weakening downside momentum, serving as an early sign that selling pressure may be subsiding.

Mini glossary: RSI stands for Relative Strength Index, a momentum indicator that measures the speed and strength of price movements. “Positive divergence” refers to situations where the price hits new lows but the indicator fails to confirm, often hinting at a potential reversal.

Why the $1.30 level matters

Analysts underline that $1.30 acted as a crucial support area before the latest correction, and now serves as a significant resistance zone. Retesting this level could reveal whether the recent rally is simply a brief relief bounce or the start of a broader recovery.

According to CryptoPulse’s projections, XRP may first attempt to build a base above $1.13, then move toward the $1.20 area; if this is successful, the price might target $1.30. A daily close above $1.30 would reinforce a bullish scenario.

Indicators lack full confirmation

However, the broader technical picture continues to offer mixed signals. TradingView data shows XRP hovering around the $1.13 mark while the general outlook remains neutral. Across indicators, there are 14 sell, 10 neutral, and 2 buy signals.

The 14-period RSI stands at 35.10, approaching oversold territory, but not providing a conclusive sign of an imminent reversal. The stochastic oscillator reads 23.20, and Williams %R sits at minus 73.99. The momentum (10) indicator flashed a buy, yet MACD is at negative 0.06656, remaining in bearish territory.

Moving averages continue to exert pressure

A major challenge for XRP is that the price remains below key moving averages. The 10-day exponential moving average is near $1.16, the 50-day EMA is around $1.30, while the longer-term 100-day simple moving average is at $1.36, and the 200-day averages are above $1.58.

Some analysts view the broader downtrend as a correction phase within a larger bullish cycle. According to Elliott Wave analysis, the range between $1.19 and $0.91 is identified as an accumulation zone for XRP. However, for this scenario to play out, the price needs to show a durable reversal within or above this band.

The post XRP climbs back above $1.13 after sharp drop to $1.05 appeared first on COINTURK NEWS.