Marcus Corvinus, a market expert and verified Binance KOL, has insisted that while a short-term XRP pump might ensue, the broader trend remains bearish.
Corvinus emphasized this in his recent X post, aligning with a recovery effort from XRP. From recent lows of $1.82, the coin has recovered over 4% to trade at $1.90, fueling optimism of a push to reclaim the psychological $2 price.
XRP In Clear Downtrend
Notably, XRP has held above a strong support level of around $1.82. Three recent attempts to break below this demand zone have proved abortive. For context, the first was its November 21 low of $1.82, the second was a low of $1.77 on December 19, and the last was its drop to $1.82 three days ago.
The analyst noted that this show of strength could drive an upward move in XRP in the short term. According to him, he would not be surprised if he saw the coin experiencing a relief pump from the current levels.
However, Corvinus does not yet see a sustainable uptrend for XRP. He noted that XRP’s “bigger picture” remains bearish, suggesting that any upward move would be a lower high formation as the descending wedge is in control.
Remarkably, XRP has been trending within a descending channel since its quick rebound from the October 10 crash to $0.77 on Binance. While bulls have defended the $1.82 support several times, this structure shows a clear downtrend and adds pressure to XRP’s price.
Decision Zone
Further, Corvinus emphasized that until XRP breaks and sustains above this descending channel, it remains in bearish territory. Any upside from here aside from this is barely a pullback.
An accompanying chart shows that XRP would need to rebound to $1.98 to breach the pattern’s upper trendline resistance. This places XRP in a decision zone, with its subsequent price action deciding what comes up next for the cryptocurrency.
If selling pressure subsides, XRP could see a sharp rebound. However, if XRP breaks below the $1.82 support, it could see further lows.
Notably, several analysts have recently picked the latter for XRP, including BATMAN. He stated that XRP is slowly dying and predicted further downside amid multiple rejections at a crucial resistance trendline. Another analyst, Ali Martinez, predicted that XRP could see further declines, targeting $1.10 after losing a critical support level.
Nonetheless, some others see the downside as a coffee break, insisting on a rebound. For instance, Steph Is Crypto predicted that XRP would soon begin its most hated rally ever.
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