Analyst Sees XRP’s RSI Breakdown Pushing Price Below $3 Before Bullish Reversal
XRP has lost 1.26% over the past week, correcting from a May 15 high of $2.58 to around $2.06. Market analyst CasiTrades identifies a descending triangle on XRP’s daily chart and notes a breakdown in the Relative Strength Index (RSI). He expects a short-term drop to key support zones at $2.01, $1.90 or $1.55 as a liquidity flush, rather than a bearish capitulation. A V-shaped recovery or early bounce from these levels could trigger a bullish reversal, with a decisive close above $3 needed to confirm strength. Immediate resistance lies at $2.37, and clearing this level would pave the way toward $2.60. Traders should watch RSI trends, triangle boundaries and support zones for entry signals.
Bullish
The anticipated RSI breakdown and descending triangle pattern suggest a controlled liquidity flush rather than a bearish collapse. Similar setups in Bitcoin and other altcoins have preceded sharp V-shaped recoveries once key support zones held. A drop to $1.90–$2.01 followed by a rebound would attract buyers and confirm a bullish reversal, especially if XRP reclaims the $3 level. Short-term volatility may rise, but overcoming resistance at $2.37 could trigger a sustained rally toward $2.60–$3.00, supporting both short- and long-term bullish sentiment.