XRP's recent short-term performance has been good, forming a triple bottom pattern. As long as there is no significant decline in the short-term, this rebound is worth paying attention to—targeting the local high of $2.30.

But here’s the clarification: this is just a short-term upward movement, and we cannot yet confirm whether this is the absolute bottom of a multi-month correction cycle, or if it’s just a short-term rebound followed by a test of the medium to long-term demand zone above. That demand zone is located below—$1.60.

My personal view is that the latter possibility is more likely. If it indeed reaches that point, it would be another quite good entry opportunity for long-term holders.