[DigitalToday reporter Jinju Hong (홍진주)] XRP is approaching a key support zone, reviving attention on the possibility of a technical rebound. An analysis says a bullish Gartley harmonic pattern on the chart is nearing completion, raising the prospect of a short-term bounce if the $1 level holds.

On July 14 local time, blockchain media outlet Decrypt reported that XRP is trading at about $1.0685, and the market sees the $1.02 to $1.0448 range as the most important inflection point. That price area is both the key entry zone for a bullish Gartley pattern and overlaps with a demand zone where buying previously concentrated.

The Gartley pattern is a representative harmonic chart pattern that uses specific Fibonacci ratios to identify potential trend reversals. For a bullish Gartley, a rebound is seen as more likely if support is confirmed in the final D leg.

The current pattern began forming after XRP rose to around $1.30 in mid-June. The price then turned lower and fell to about $1.0072 on June 26, making that level the X point, the start of the pattern.

As buying flowed in, XRP rebounded to $1.19 on July 5, forming the A point. It rose more than 20 percent in less than about 2 weeks, but the uptrend did not last long.

XRP then fell again to $1.0684, forming the B point, and later rebounded to $1.1186 to mark the C point. The final CD leg is now in progress, and the technically projected D point was put at about $1.0048.

The Fibonacci ratios were also analysed as not materially different from a typical bullish Gartley pattern. The B point retraced about 65.2 percent of the XA advance, and the C point recovered 43.7 percent of the AB decline, an explanation said.

The market is watching in particular whether the D zone holds. The projected D point of $1.0048 sits within the $1.02 to $1.0448 demand zone. That range previously drew buying and prevented declines, and there is an expectation it could again act as support.

For a bullish scenario to materialise, a break above key resistance is also needed. The first hurdle is around $1.115 near the C point. A strong break above that level could be interpreted as a signal that the short-term correction has ended. After that, $1.19 at the A point is presented as the next resistance. If that area is cleared, an analysis says XRP could secure room to rise further into the mid-$1.20s.

If it fails to hold the key support, the bullish scenario could be invalidated. The most important reference is the psychological support at $1. If XRP clearly closes below $1, the bullish Gartley pattern would not hold and the likelihood of further declines could increase.

The market sees key variables for XRP's short-term direction as whether buying returns in the $1.02 to $1.0448 range and whether it can then break through the $1.115 and $1.19 resistance levels in turn.