Earlier this week, Ripple (XRP) experienced a panic sell-off, with prices dropping to $1.60 due to tough new tariffs from the U.S. disrupting global markets.
In recent months, XRP has formed a ominous head and shoulders pattern, heightening anxiety among XRP holders.
Respected technical analyst Ali Martinez predicts using the X chart that XRP may soon pull back to the long-term resistance level of $1.30.
The recent rebound of XRP coincides with a significant increase in the prices of other major cryptocurrencies and the stock market, possibly signaling a local bottom.
Although Trump did not lower tariffs on China, his move on Wednesday to delay tariffs on many other countries indicates his willingness to negotiate rather than continue to disrupt global trade.
This provides room for a sustained improvement in market sentiment over the next few days or even weeks.
XRP also received good support at the 200-day moving average (DMA), which again indicates that bulls have not completely lost control of the market.
It is certainly possible for XRP to rise 70% and return to around $3.40 in early 2025—but compared to a nearly 5-fold increase by the end of 2024, a 70% increase is negligible.#BTC☀ $BTC 
