XRP Market Analysis

A well-known market analyst confirms that XRP has continued to trade above the pivotal Bull Market Support Band despite the ongoing downtrend.

For context, XRP’s recent downward trend began in February, as the month introduced bearish price action across the broader crypto market. XRP witnessed a 29.33% drop in February after posting an impressive 45.98% increase in January.

The drop reflects the crypto market’s downward movement, with Bitcoin (BTC) recently relinquishing the $90,000 mark to change hands at the $82K price region during the report.

XRP Remains Above the BMSB

Despite being a victim of the market-wide collapse, XRP appears to still trade above the Bull Market Support Band (BMSB), according to analyst Steph (@Steph_iscrypto). The analyst disclosed this in his latest analysis of XRP’s price movements, suggesting there is no reason to panic.

The Bull Market Support Band is a momentum indicator used by market participants to identify whether an asset is in a bullish or bearish phase. The band typically consists of the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). When the price stays above this band, it suggests strong bullish momentum, while dropping below it may indicate weakening trends or a potential bear market.

Data from Steph’s accompanying chart shows XRP still trades above the band. Notably, when its price hovered around the $0.50 to $0.55 range in October 2024, XRP changed hands below the BMSB, suggesting bearish momentum.

However, after a significant price surge following Donald Trump’s election victory in November 2024, XRP managed to push above the BMSB, indicating a bullish momentum shift. The BMSB also surged, now sitting above the pivotal $1.9 price support.

XRP Remains Bullish, Eyes $30 Target

Despite the downward pressure XRP has faced since the start of February, it has maintained a position above the support, essentially holding above the BMSB. Citing this position, Steph questioned why anyone would be bearish on XRP when it continues trading above the BMSB.

The asset’s position above this crucial indicator confirms that momentum is still bullish and the bull market might not yet be over. Analysts at Standard Chartered predict further downside for Bitcoin, yet they believe the bull run remains intact and recovery is expected.

XRP is likely to benefit from this Bitcoin recovery. In a separate analysis, Steph highlighted a double bottom structure formed by XRP on the weekly chart. This pattern formed when XRP hit a low of $0.1140 in March 2020 and again at $0.2870 in June 2022.

> This is the worst moment in history to be selling your #XRP! pic.twitter.com/fKap4mhqt1
> — STEPH IS CRYPTO (@Steph_iscrypto) March 8, 2025

Data suggests XRP has already broken above the neckline of the structure and could be poised for a significant upward push, supporting the idea that the bull run remains intact. If this pattern holds true, Steph anticipates an XRP rally to $30.

According to Steph, this period represents the worst time for any investor to sell their XRP holdings, believing the asset is gearing up for a massive uptrend. With XRP currently trading for $2.18, a run to $30 would demand a 1,276% increase.