XRP Chart Becomes More Constructive, But Relief Rally Looms

KuCoin's analysts say that the XRP chart has become substantially more constructive. They consider this to be a potential major bottom rather than a confirmed new bull trend.

The bullish case is credible, according to KuCoin. The decline from roughly $3.65 can be counted as a completed A, B, C correction. Wave C reached the major $0.94, $1.00 support zone, close to the previous breakout area. This suggests capitulation and genuine demand.

KuCoin also notes that holding above approximately $1.20, $1.30, followed by a break above $1.70, would strengthen the bottoming case materially. A subsequent recovery above $2.00 would provide much stronger evidence that the larger uptrend has resumed.

However, there is an alternative view that the present surge could be only an oversold relief rally following a five-wave decline within wave C. The rejection from around $1.55 and the weekly close near $1.39 show that sellers remain active.