- XRP holds above $1.11 as analysts point to multiple bullish technical signals despite recent market weakness.
- Binance’s XRP supply continues to shrink, reducing exchange liquidity and potentially easing future selling pressure.
- Analysts see an XRP/BTC breakout and a 13-year RSI low as signs XRP could be nearing a major rally.
XRP is trying to stabilize after the recent sell-off. It is holding above the $1.11 support level but continues to struggle below the $1.15 resistance zone.
Several analysts believe multiple technical indicators are beginning to align. They argue that XRP could be setting up for a larger move if buyers regain control.
Binance XRP Supply Keeps Falling
In a tweet, market watcher Xaif pointed to a bullish signal for XRP, stating that XRP scarcity on Binance has reached its highest level since mid-2024.
Xaif noted that previous sharp declines in Binance’s XRP supply index often preceded strong price rallies. The logic is simple.
With fewer XRP tokens available on exchanges, selling pressure may ease, making prices more responsive if buying demand increases.
The analyst added that although XRP remains well below its previous highs, exchange balances continue to fall. This could support a stronger rally if demand returns.
XRP/BTC Nears Key Breakout Level
Meanwhile, analyst Celal Kucuker believes the XRP/BTC trading pair is approaching a decisive technical point. The pair is testing the upper boundary of a long-term descending channel. A breakout could allow XRP to significantly outperform Bitcoin during the next market cycle.
Interestingly, Kucuker estimated that XRP could outperform Bitcoin by up to 10x from current levels. He also suggested the token could trade above $12 by the time Bitcoin reaches new all-time highs.
SuperTrend Signal Already Produced Early Gains
Technical analyst Ali Martinez highlighted a SuperTrend buy signal that appeared on July 2, when XRP traded around $1.0449. It was the indicator’s first bullish signal since mid-June.
Martinez noted that the previous buy signal led to a 14% rally. The indicator also correctly identified two major declines of 19% and 16%.
Following the latest signal, XRP climbed from about $1.0449 to $1.1812 by July 4. That represents a gain of roughly 13%, closely matching the historical performance highlighted by the analyst.
XRP Is at Its Most Oversold Level in 13 Years
A long-term chart shared by Cryptollica suggests XRP may be approaching an important technical level.
According to the analyst, XRP’s monthly Relative Strength Index (RSI) has dropped to its lowest oversold reading in the asset’s 13-year history. At the same time, the price is testing the lower boundary of a long-term rising channel.
The chart shows XRP retreating toward long-term structural support after failing to hold the upper portion of its multi-year trend channel. Meanwhile, the monthly RSI has fallen to around 40, below the levels seen during previous major market resets.
Cryptollica argued that periods of extreme pessimism have historically appeared near long-term market bottoms rather than tops. In the analyst’s view, the current setup resembles earlier accumulation phases.
The chart also shows several ascending channel boundaries that could preserve XRP’s long-term bullish structure if they continue to hold. It also points to potential XRP prices in the double-digit range and, eventually, even the triple-digit range.
Related: XRP Price Prediction: Can XRP Hold $1.10 After Ripple Scores Its Biggest Regulatory Win in Europe
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