From the weekly chart, XRP's price is retesting the supply zone near $1.36, which has previously formed resistance multiple times. The red arrows in the chart indicate that if sellers effectively defend this position, the price may continue to retreat, suggesting that the market is more inclined to view this pullback as a technical correction rather than a signal of breaking previous highs.
The current short-term trading range is clear: the support level is at $1.35, just below the current price; the resistance level is at $1.41, forming the upper boundary. The price is currently oscillating within this narrow range, with market sentiment highly dependent on the direction of the breakout. If the price falls below $1.35, it will strengthen short-term bearish sentiment; conversely, if it successfully stabilizes above $1.41, it may completely eliminate previous resistance signals and open a new upward channel.
It is noteworthy that this price range also coincides with the main trading activity zone within 24 hours, giving it higher reference value for intraday trading. Traders are closely monitoring changes in trading volume and order book depth to assess the credibility of the breakout direction. Currently, both bulls and bears are locked in a stalemate, with the market waiting for clear signals to guide the next steps.