At writing time, XRP is trading at a price of $2.04 on the 1D chart, experiencing a bearish sentiment in the last 24 hours. Even with the ongoing dip and bearishness among investors, some analysts remain bullish on XRP’s long-term potential. Their rallying cry is that there’s still hope for an unexpected comeback. It has come under an extremely difficult onslaught in recent days. Sometimes important technical levels and wave structures can give a clue that momentum might be about to change.

Resistance and Potential Breakout

One cryptanalyst, operating under the pseudonym Dark Defender, has pegged $2.222 as a key level of resistance for XRP. Dark Defender posits that a breakout above this level would indicate an important macro turning point. This could potentially trigger a surge of excited bullish momentum across the market. XRP had been trading at around $2.18 at the time when the rally faced a strong resistance erased by $2.46, which triggered a pullback. The rejection around $2.46 set off a new downtrend for XRP, putting its strength to hold up against prevailing bearishness to the test.

According to Dark Defender, XRP has hit its lowest Fibonacci floor according to previous predictions. Unfortunately, this level is a very dangerous line in the sand. The analyst views the bearish outlook as a bullish sign, arguing that it can very well create a shock reversal.

Bearish Sentiment and Trading Volume

The majority of traders are now adopting a bearish outlook on XRP. This mindset is pushing the price even lower. The bearish outlook is having an impact on the memecoin’s trading volume. In the last 24 hours alone, it has plummeted 17%. Overall bearish sentiment paired with lower trading volume suggests a fearful investment climate is widespread. So most are deciding to wait for clearer signals before making big moves.

Even though the mood is decidedly bearish, according to Dark Defender a further drop to around $2.04 is still on the cards. XRP is still trading at the $2.04 level, which according to the analyst would be a make-or-break level for bulls.

Wave Structure and Future Growth

Dark Defender took a look at XRP’s wave structure and expects explosive price increases in both April and May. This forecast represents a relatively rosy scenario compared to today’s prevailing gloom and doom bears. Perhaps more importantly, it suggests that XRP is preparing to develop a massive rally in the coming months.

So far, we are still waiting for all this expected growth to materialize. The analysis provides a possible roadmap for XRP’s better future performance.