XRP has seen a steep correction this year, but it is holding a key support zone on the weekly chart, an analysis showed. That means the possibility of reaching $7 within the year has not disappeared entirely.

The Crypto Basic, a blockchain outlet, reported on July 10 that the market is watching around $1.06. XRP has been under pressure in recent weeks, slipping to about $1.07 and falling more than 5 percent on a weekly basis. It is still trading above one of the most important support zones on the weekly chart, suggesting the broader bullish structure has not yet been damaged.

The key basis is a Fibonacci retracement zone. XRP is holding above $1.05, the 0.382 retracement level. In a broader view, that area aligns with a demand zone between $0.79 and $1.05. Chart analysis suggests that if this range holds on a weekly basis, it signals buying remains dominant even if short-term weakness persists.

Another factor drawing attention is a falling wedge pattern. Before a sharp jump in November 2024, XRP moved for an extended period inside a falling wedge, then broke out to the upside and rose more than 500 percent in about a month. The analysis highlighted that a similar structure has emerged again. XRP has traded for a long period inside a falling wedge while building support along the lower boundary, and it is approaching an area where breakouts typically occur as the range narrows.

Based on the previous rise, the next major target is around $7.88, the 1.414 Fibonacci extension level. That figure supports calculations that the $7 target discussed in the market is within technical reach. The analysis also noted that a long-term upward trendline that has acted as support since 2023 overlaps the current demand zone, with horizontal support, Fibonacci levels and the long-term trendline converging in one area.

In the near term, whether XRP can defend $1.06 is the biggest variable. Holding above that level would preserve the current structure and raise the likelihood of breaking above the upper boundary of the descending resistance line rather than extending the decline. Losing that zone could also weaken the premise of a $7 scenario within the year.

The upside target does not stop in the $7 range. If XRP maintains the current structure and breaks upward out of the falling wedge, $7.88, the 1.414 extension level, is the first level mentioned. After that, $11.74, the 1.618 Fibonacci extension level, was presented as the next upside target. Whether those levels are reached depends on whether buying momentum continues in the coming months. Based on the current chart structure alone, the analysis concluded that the possibility remains open for XRP to move toward $7 before the end of 2026.