XRP Price Bounces Back Amid Signs of Bullish Retest
XRP price has been showing signs of life after a difficult period of price action. The token rose around 1.4% in recent trading, but still trades below $1.40.
An analyst named Moe believes the deep retracement may be part of a bullish retest. He points to XRP's three-month chart, where the price has returned toward an important historical support region after breaking through major multi-year resistance.
Moe thinks XRP's deep pullback could be near its end due to several technical factors appearing in approximately the same area. These include a return toward the psychological $1 level, which overlaps with a major three-month support zone around $0.95-$1.05.
XRP briefly traded beneath $1 during the current three-month candle, reaching approximately $0.985 before recovering strongly. Moe also notes what he describes as a sweep of the previous three-month low, where price briefly moved beneath an established low before recovering above it.