XRP continued to slide on Monday, falling to $2.20 as the broader crypto sell-off deepened. The token is now down 40% from its yearly high. Despite the bearish trend, one leading analyst believes XRP could stage a strong rebound—if it holds a crucial support level.
Analyst Predicts XRP Rebound if Support at $2.15 Holds
Crypto analyst Ali Martinez shared on X that XRP still has recovery potential as long as it stays above the $2.15 support zone. If this level holds, he expects a possible rally toward $2.40–$2.70. A move to $2.70 would represent roughly a 25% jump from current prices.
Martinez suggests XRP may be forming a triple-bottom pattern, a bullish technical formation characterized by three retests of support and a breakout above the neckline—located around $2.68. A successful move above that level could open the door to the next major target at $3.00.
However, losing the $2.15 support would indicate more downside, potentially sending XRP back to its year-to-date low of $1.7676, about 21% below current prices.
Bearish Pressures Remain
Despite the potential for a rebound, several risk signals remain in play:
- XRP has formed lower lows and lower highs since July, showing persistent downward pressure.
- A death cross formed on November 6, where the 50-day EMA crossed below the 200-day EMA.
- The price continues to trade below the Supertrend indicator, signaling ongoing bearish momentum.
Analysts warn that unless XRP decisively breaks above $2.60, the bearish outlook may remain intact.
Upcoming Ripple ETFs Could Boost Price
A major catalyst for XRP could come from new ETF launches this week.
- Franklin Templeton will launch its XRP ETF on Tuesday, following the recent debut of Canary’s XRPC fund.
- The XRPC ETF already holds over $250 million, making it one of the fastest-growing crypto funds.
- Franklin’s ETF is expected to attract even more demand thanks to the firm’s $1.6 trillion AUM.
Additionally, Bitwise will launch its own XRP ETF later this week. Analysts at JPMorgan forecast that XRP ETFs could pull in over $8 billion in the first year.
Other market-moving events—such as Nvidia’s earnings and the Federal Reserve minutes—may also influence XRP’s price action this week.
