Cryptocurrency analyst Will Taylor, founder of Cryptoinightuk, has firmly countered recent speculation suggesting XRP is entering a bear market. Despite prevailing "doom and gloom" sentiment in the broader crypto space, Taylor maintains a bullish outlook for XRP, citing its resilient technical structure and favorable liquidity profile across higher timeframes.
XRP's Bullish Resilience: Beyond the Hype
Taylor argues that XRP is currently trading above a crucial multi-year resistance level, which has now transitioned into a strong structural support zone. He likened Bitcoin's recent 30% drawdown to a standard bull market correction, pointing to oversold daily and three-day Relative Strength Index (RSI) levels reminiscent of previous cycle lows. For XRP, this means that as long as this reclaimed support holds, the notion of a confirmed long-term downtrend remains unfounded. "We have spent over a year above our 7-year resistance holding it as support," he stated, characterizing this setup as "almost unprecedented for XRP and for any asset."
Liquidity and Market Strength
The analyst further elaborated on XRP's liquidity dynamics. While minor liquidity pools might exist below current prices (around $2.03-$2.05) on lower timeframes, potentially allowing for brief dips, the significant concentration of resting liquidity lies much higher, specifically between $4.20 and $4.30. This distribution suggests a powerful upward gravitational pull on XRP's price. Comparing XRP's performance to Ethereum and Bitcoin, Taylor highlighted that XRP has effectively held its range lows and broken out of a broader downtrend in its dominance. He underscored XRP's remarkable resilience during the "largest liquidation event in history" on October 10, when it quickly rebounded from a sharp wick lower, demonstrating fundamental market strength even amidst extreme volatility. Taylor concludes that the current market conditions for XRP are "super bullish," predicting that the asset is poised to surpass current expectations. A genuine bear market, he asserts, would require a decisive breach of its long-term support, coupled with a fundamentally altered liquidity map and dominance trend – a scenario he currently deems improbable. XRP was trading at $2.11 at press time.
