XRP Rebounds Sharply, Stabilizes Above $1.60 After V-Shaped Move
- XRP was in a pure V-shaped recovery where it went down to an area of $1.50, only to recover the $1.60 mark.
- The price leveled out around $1.66, above the 33 EMA and centrally in the line denoted by Egrag Crypto.
- The market has started consolidation between the support at 1.56 and resistance at 1.71 up to February.
According to the 30-minute XRP/USDT, XRP was close to the price of $1.66 after intraday recovery took a visible V-shaped pattern. The action was after the sharp sell-off that propelled price to the $1.50 region then buyers took control.
It is worth mentioning that the rebound was consistent with major technical references that are emphasized by analyst Egrag Crypto on larger timeframes. This price action formed the basis of the existing zone of consolidation witnessed till the beginning of February.
Intraday Price Structure and Trend Behavior
The chart shows XRP declining steadily from above $1.74 before accelerating lower during the mid-session period. Price then extended downward sharply, reaching a session low near $1.50, marked by long lower wicks.
But buyers intervened with force and pushed up prices in successive bullish candles. This recovery formed a typical V-shape and price regained its position at the old price of one point sixty shortly. After the recovery, XRP proceeded to move in a lateral channel of 1.64-1.68. This began as far as February, with price opening at the month at 1.66, which is in line with reported values.
XRP Holds Key Support at $1.60 Amid Controlled Monthly Range
According to Egrag Crypto, XRP tagged the central line and the 33 EMA near $1.60 to $1.61 on the monthly chart. The dip briefly extended to $1.50 before price recovered above that EMA zone. Importantly, XRP closed above $1.60, preserving the level as short-term support.
The chart also shows liquidity swept near $1.64 before price stabilized. Current support remains defined at $1.56, while resistance stands at $1.71, based on reported levels. The 24-hour range reflects controlled movement within these boundaries.
Market Positioning and Price Context
As of the time of observation, XRP was recorded trading at $1.66 which denoted a 1.6 percent decline on a daily basis. Compared to Bitcoin, XRP is at 0.00002118 BTC and it is up by 4.1 percent. This relative strength occurred alongside intraday consolidation rather than trend expansion.
The price structure indicates stabilization following the earlier drawdown and recovery sequence. Notably, the chart shows smaller candle bodies near resistance, suggesting reduced momentum. This transition connects the sharp recovery phase to the present range-bound behavior.
