Is the Wyckoff Pattern Still Unfolding?

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XRP holds key support near $2.00 after a sharp drop. Analysts point to a Wyckoff setup, ETF flows, and macro support for potential recovery.

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Summarize with AI

XRP is trading at $2.02 after falling almost 7% over the last 24 hours. Despite the pressure, it remains above key levels that have acted as support for much of the past year.

Meanwhile, trading volume for the token reached $3.8 billion over the same period. The price action has stayed within a narrow range, with XRP moving between $2.00 and $2.21 in the last day. The weekly scale also shows some weakness, with the asset dropping by over 2%.

Wyckoff Setup Shows Support Still Holding

A Wyckoff reaccumulation structure, shared by analyst ChartNerd, places XRP near the bottom of a multi-month range. On the chart, it is positioned in what’s known as Phase C — an area where a short-lived dip below support (a “Spring”) can form before a reversal. They wrote,

Source: ChartNerd/X

If the pattern plays out, the next steps would involve a recovery back into the range, followed by a breakout through resistance. The setup includes a “Test” and then a “Jump Across the Creek,” which are standard stages in Wyckoff models that often lead to upward continuation. For now, the structure remains in place.

In a separate update, ChartNerd also pointed to the $2.05 zone as a key level. This area lines up with candle closes from XRP’s previous all-time highs and the 2021 wicks. The asset is still trading above this level, as well as the 20-month exponential moving average, which currently sits at $1.94.

The price remains within the wider range it has held for most of the year. As long as these levels are defended, the broader setup remains unchanged.

Larger Trend Intact Despite Bearish Pressure

Egrag Crypto shared a breakdown of XRP’s position across multiple timeframes. Six of them — including the 4H, 1D, 3D, 5D, 1W, and 2W — show price below the 21 EMA. The monthly chart, however, remains above that line.

Selling Pressure Triggers Liquidations

CW shared that recent selling came from Binance and OKX, where over 11 million XRP was sold quickly. This led to large-scale liquidations of long positions.

Some of the volatility also comes after the launch of multiple XRP-linked ETFs. Similar to past ETF releases, the price pulled back despite strong demand. Four ETFs tied to XRP have now seen over $660 million in net inflows. The largest among them, XRPC, has taken in more than $340 million.

    
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Source: https://cryptopotato.com/xrp-defends-the-2-level-is-the-wyckoff-pattern-still-unfolding/