XRP price is testing a key support zone near $1.40 after losing half of its gain. The token climbed 71.8% from $0.988 to $1.698 before entering a 20% correction. Veteran analyst Matthew Dixon now sees a possible major bottom, but says XRP still needs confirmation.
Crypto analyst and veteran financial trader Matthew Dixon said XRP’s chart has become more constructive, although he does not see a confirmed new bull trend yet.
Dixon said,
“XRP, the chart has become substantially more constructive, but I would call it a potential major bottom rather than a confirmed new bull trend.”
Dixon believes the drop from around $3.65 could have formed a completed A-B-C correction. He also pointed to XRP’s move into the $1.00 support zone and the strong weekly rebound as signs that selling pressure may have eased.
For the bullish setup to strengthen, XRP needs to hold above $1.20-$1.30 and then break above $1.70. A move above $2.00 would offer stronger evidence that the larger uptrend has returned.
Still, Dixon warned that the recent recovery could simply be an oversold bounce. If XRP fails to break through the $1.55-$1.70 area and turns lower, the price could retest $0.94.
This support view is also backed by on-chain data from crypto analyst Ali Martinez. He noted that around 3.2 billion XRP were traded between $1.35 and $1.38, making the area an important demand zone.
As long as this support holds, XRP could face the next resistance at $1.60, where around 1.99 billion XRP were traded.
The next levels are $1.68, with 1.98 billion XRP traded, and $1.86, where about 3.47 billion XRP changed hands.
A break above $1.86 could open the door to $2.19, where another 3.12 billion XRP were previously traded.
If buyers fail to hold the current support, XRP could face more sell-off. Even Dixon warned that a weekly close below $0.94 could weaken the bullish setup and send XRP toward $0.75, followed by $0.55-$0.60.
For now, XRP is trading between support at $1.35-$1.38 and resistance at $1.70-$1.86. A break above or below these levels could decide XRP’s next move.
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