"Selling pressure won't work"...XRP, if it holds $1.38, a massive rally

▲ XRP/ChatGPT generated image

Analysis suggests that despite recent corrective trends, XRP has held above the $1.38 support level, leaving room for further upward movement. While short-term momentum isn't strong, the current decline is evaluated as a correction within a larger uptrend structure, rather than a trend reversal.

NewsBTC reported on May 13 (local time), citing analysis from More Crypto Online, that XRP remains within a broad range-bound structure. According to the analysis, the decline observed after the May 10 high is interpreted as a corrective three-wave decline, not a clear trend reversal.

The key is whether the $1.38 support level is defended. More Crypto Online explained that as long as this low is maintained, XRP's technical structure allows for further upside. However, it also pointed out that the current upward momentum is relatively weak. The recent price rebound is evaluated as similar to the corrective three-wave movement seen after the April 5 low.

The market is also paying attention to the $1.40-$1.42 range. This range was presented as an internal B-wave support area, and More Crypto Online explained that B-waves often do not precisely follow Fibonacci levels, making it a tricky area to trade. However, it analyzed that the internal 100% extension target near $1.41 has already been reached, which could be an ideal finishing point for a corrective three-wave decline.

The flow of Binance's Spot Cumulative Volume Delta (CVD) also suggested that buying pressure for XRP has not completely subsided. Cryptocurrency analyst Xaif Crypto stated that despite XRP's price hovering near local lows, Binance's spot CVD showed a stable trend. The fact that spot CVD does not plummet during a long-term downtrend is interpreted to mean that underlying demand is absorbing selling pressure.

Xaif Crypto explained that such discrepancies have historically acted as leading indicators of sharp market reversals. He viewed the stability of the spot volume indicator as suggesting that XRP's sideways phase is nearing its end and that it may be preparing for a trend change. According to the report, XRP was trading at $1.45 on the daily chart.

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