Despite optimistic views from traders pointing to a potential bullish Gartley pattern and a rebound at long-term support, <a href="https://www.cryptoknowmics.com/news/blackrock-denies-plans-for-spot-xrp-etf-amidst-ceos-silence/" target="_blank" rel="noopener">XRP</a> is currently entrenched in a corrective pattern. The daily time frame reveals a persistent decline over the past 80 days, with the price now testing crucial support levels.
<h2>XRP Descends Below Key Levels</h2>
The XRP price has experienced a steady decline since November 2023, gaining momentum in 2024. Recent attempts at an upward movement, particularly on January 23, were short-lived, resulting in a loss of most gains. Analysis of the daily time frame shows XRP trading beneath a descending resistance trend line since July 2023, marked by multiple rejections.

The breakdown from a horizontal support area and a subsequent low of $0.49 signals a bearish trend. The daily Relative Strength Index (RSI), an indicator of market momentum, is also bearish, approaching oversold territory.
<h2>Contrasting Views and Potential Scenarios</h2>
Cryptocurrency Trader XRP Whale identifies a potential bullish Gartley pattern, suggesting a bottoming out of the price. Another analyst, Cryptoes, echoes a bottoming sentiment based on a bounce at a long-term support area. However, despite these optimistic predictions, XRP has not seen a substantial bounce from the channel's support trend line.

The technical analysis of the daily chart reveals XRP trading within a descending parallel channel since November 2023, indicating a corrective pattern. Although the price is currently in the lower portion of the channel, often signaling weakness, traders anticipate a reversal.

[embed]https://twitter.com/realXRPwhale/status/1750373246128545960[/embed]
<h2>Caution Amidst Bullish Predictions</h2>
Despite the bullish outlook, caution prevails. The daily RSI is bearish, and a breakdown from the channel could result in a 12% decline to the closest support at $0.44. Conversely, reclaiming the $0.55 horizontal resistance area and the channel's midline might trigger a substantial 23% increase, challenging the resistance trend line.

As XRP navigates these critical levels, the market awaits further cues to determine whether the current corrective phase will persist or if a more significant rebound is on the horizon.

XRP Faces Bearish Momentum Despite Potential Gartley Pattern

📉 Despite potential bullish signs, XRP battles bearish momentum near key support. Traders eye crucial levels for a rebound or further decline.

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

XRP Faces Bearish Momentum Despite Potential Gartley Pattern

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