XRP price may retest $1.03 as support holds, analyst says
XRP price is trading near $1.16 after a sharp pullback, with daily momentum still favoring sellers. An analyst, The Great Mattsby, says the XRP price could backtest the monthly Ichimoku cloud around $1.03 without breaking the longer-term uptrend, framing it as a prolonged consolidation rather than the start of a deeper decline.
Key technical levels: XRP remains below the Supertrend area near $1.34, which has capped rebounds since late May. MACD and RSI signals on the daily chart point to weakening momentum, while derivatives show leveraged longs being liquidated again—reducing speculative bid support.
To watch: a sustained recovery above $1.34 would improve the setup; otherwise, failure of the $1.03 support zone could expose XRP to a deeper move toward the $1.00 psychological level.
Fundamental backdrop: the XRP Ledger is preparing the 3.2.0 upgrade, moving from “rippled” to “xrpld,” requiring node and infrastructure operators to update. This comes after the successful 3.1.3 activation in May and amid ongoing ecosystem developments tied to Ripple’s infrastructure and RLUSD adoption.
Overall, traders appear focused on whether XRP price stabilizes above the monthly cloud support area.
Neutral
The article’s bias is mixed: the analyst’s macro view is constructive (XRP price may simply backtest support around $1.03 within a long consolidation), but the near-term tape is still fragile (XRP price below key resistance near $1.34, Supertrend remains bearish, MACD stays under zero, and leveraged longs are being liquidated). This combination typically leads to a choppy, range-driven market where traders expect a retest before confirmation.
Short-term, the most likely path is volatility around the $1.03–$1.34 band. Liquidations often act like a “reset” for leverage, which can temporarily reduce downside speed but also signals risk-off positioning. If $1.03 holds, history with Ichimoku cloud backtests on major assets suggests price often rebounds toward the nearest resistance ($1.34 first). If it fails decisively, such setups have previously unfolded into deeper retracements (toward the next round-number level, here ~$1.00).
Long-term, the XRP Ledger 3.2.0 “rippled → xrpld” upgrade is a network operations catalyst more than an immediate price driver, so it may support sentiment during consolidation. But macro headwinds in BTC and broader risk assets can still dominate intraday direction, keeping the overall impact neutral until technical levels are reclaimed.