XRP is trading at $1.12 after a weekly decline of about 15%, placing it within a support zone between $1.20 and $1.30 identified by financial chartist Celal Kucuker. The pullback is being interpreted as a retest of a multi-year breakout structure rather than a breakdown, according to technical analysts. Analyst Evan Clegg notes that XRP's weekly Relative Strength Index has fallen below 30, a rare oversold signal that has historically occurred only once before at a major macro bottom. The current price action is testing former resistance that has flipped into potential support, a pattern typically seen after major breakouts where price revisits prior resistance to validate it as a new base. The setup is being analyzed within the context of Elliott Wave Theory and Fibonacci extensions, with the $1.20–$1.30 region considered structurally significant for determining whether the broader bullish trend remains intact.
Kucuker Identifies $1.20–$1.30 Support Zone and Multi-Year Breakout Retest
Celal Kucuker states that XRP's current move is revisiting a former resistance zone that has now flipped into potential support. He describes this as a classic confirmation retest seen after major breakouts, where price revisits prior resistance to validate it as a new base. Support is clustered between $1.20 and $1.30, a zone that determines whether the bullish structure survives, according to Kucuker. Holding above this level keeps the macro breakout narrative in play, while a sustained breakdown would signal a deeper corrective phase and weaken the trend.
On the upside, Kucuker identifies $3.87 as an intermediate target tied to the prior breakout projection. Longer-term cycle models extend toward roughly $17.50, derived from broader Fibonacci extensions and historical market cycles rather than short-term price movement. Market data from CoinCodex shows XRP presently trading at $1.12, placing it directly inside the key support region. At this level, price action typically transitions into either stabilization or continuation of the downtrend, making this zone structurally significant.
Clegg Highlights Rare Weekly RSI Oversold Signal Below 30
Evan Clegg highlights that XRP's Relative Strength Index has fallen below 30 on the weekly timeframe, a level traditionally associated with oversold conditions. XRP has only reached similar weekly extremes once before, which aligned with a major macro bottom, according to Clegg. He interprets this as evidence of fading downside momentum rather than sustained selling pressure.
Clegg suggests XRP may be in a late-stage corrective phase, consistent with Elliott Wave Theory's Wave 4 structure, which often precedes a final impulsive move higher. Within this framework, a Fibonacci-based extension toward $4.47 is viewed as a potential Wave 5 target, aligning with prior cycle behavior where deeply oversold conditions preceded strong recoveries. Clegg states that the broader bullish case hinges on whether the $1.20–$1.30 region can continue to hold in the sessions ahead.
FAQ
What price level is XRP currently trading at?
XRP is trading at $1.12 according to market data from CoinCodex, placing it within a support zone between $1.20 and $1.30 identified by analyst Celal Kucuker.
Why is XRP's weekly RSI signal considered rare?
XRP's weekly Relative Strength Index has fallen below 30, a level that has historically occurred only once before at a major macro bottom according to analyst Evan Clegg. This oversold signal on higher timeframes is uncommon and has previously aligned with significant price recoveries.
What price targets do analysts identify for XRP?
Celal Kucuker identifies $3.87 as an intermediate target and roughly $17.50 as a longer-term target derived from Fibonacci extensions and historical market cycles. Evan Clegg views $4.47 as a potential Wave 5 target based on Elliott Wave Theory and Fibonacci-based extensions.
