XRP Eyes $2 Rally Before Key Support Retest

• XRP holds near $1.30 support as analysts eye a short-term rebound toward the $2 level.
• Binance XRP long/short ratio is 2.34, showing traders still favor bullish positions.
• XRP faces key resistance at $1.50, while deeper Gaussian support sits near $0.78.

XRP is drawing fresh market attention after holding a key long-term support zone near $1.30. Recent price action has raised hopes of a short-term rebound after months of weakness.

At the same time, some analysts say the token could still face another broad pullback later in the cycle. Traders are now watching whether current support can lead to a stronger move in the weeks ahead.

Long-Term Gaussian Channel Draws Attention

A crypto analyst said XRP is testing a key level on the monthly Gaussian Channel. This indicator has tracked major cycle lows since 2014. XRP is now trading near the upper channel around $1.30.

The analyst said this level has often acted as support during past cycles. In earlier market phases, XRP bounced after touching this zone. Those rebounds came before deeper pullbacks.

The same chart shows the middle Gaussian Channel near $0.78. The analyst said this level marked past cycle lows. However, the level may rise if the price takes longer to return.

This pattern has led traders to watch the current range closely. XRP has held above $1.30 in recent sessions. That has kept short-term rebound hopes alive.

Relief Rally Toward $2 Remains a Key View

The analyst said XRP may still post a relief rally first. This view is based on earlier cycle behavior. In each cycle, XRP bounced after touching upper support.

Past rebounds were larger in earlier years. The analyst said XRP rose about 100% in 2015. It later posted smaller gains in 2019 and 2022.

Based on that trend, the analyst sees a smaller rally this time. A 40% move from current levels would place XRP near $2. That level is now a key near-term target.

Still, the analyst said the broader cycle may not be over. A later drop toward deeper support remains possible. For now, traders are focused on price action near resistance.

Derivatives Data Shows Strong Bullish Positioning

Recent derivatives data shows traders still favor the upside. Binance XRP/USDT long-to-short ratio for accounts is 2.34. This means long positions are well ahead of shorts.

Top trader account data on Binance is even higher. That ratio stands at 2.63. On OKX, the XRP long-to-short ratio is 1.84.

Position-based data also leans positive. Binance top trader long-to-short positions ratio is 1.19. This suggests larger traders still hold a bullish bias.

Liquidation data also supports recent upward pressure. In the last hour, short liquidations reached about $61,850. During that period, long liquidations were zero.

Daily Chart Shows Support but Resistance Still Matters

XRP is trading near $1.36 on the daily chart. Price has stabilized between $1.30 and $1.35. This range now acts as near-term support.

The daily trend is still mixed. XRP remains below major highs from earlier this cycle. However, recent candles show buyers are active.

The Relative Strength Index is near 49. This is a neutral reading. It shows XRP is not overbought or oversold.

The MACD is also starting to flatten. This may point to weaker selling pressure. Even so, traders still want stronger confirmation.

The first resistance level is near $1.50. Above that, traders are watching $1.70 to $1.80. A move toward $2 would support the analyst’s relief rally view.

On the downside, $1.30 remains the key level. A break below it may open the way to $1.15. For now, XRP remains at an important short-term point.