XRP has managed to regain some ground with an 8% rebound over the past 24 hours. The broader crypto market faced substantial losses, particularly with Bitcoin’s dramatic dip below $80,000, which led to a drop in many altcoins. However, amidst this downturn, XRP demonstrated resilience, holding firm above the critical psychological $2 support level.

Despite this recovery, analysts caution that a full recovery for XRP is still far from assured. One well-known market analyst, Dom (@traderview2), had identified a crucial level that XRP must reclaim for a sustained rally. According to Dom, XRP’s price must hold above the $2.20 mark to signal a shift toward more positive price action. This level has been viewed as pivotal, as it could provide the support necessary for XRP to move upward toward the mid-$2.40 range.

Dom’s analysis stresses that, while XRP has held its ground above $2 despite Bitcoin’s 29% drop from its recent peak, the coin still faces a crucial test. He points out that if XRP fails to hold $2.20, it could struggle to maintain momentum and may revisit lower support levels. Dom also pointed to the volume-weighted average price (VWAP) of the election as a significant factor, highlighting how Bitcoin tested this level multiple times, yet XRP must prove its resilience above the $2.20 zone to avoid further consolidation.

The analyst noted that if XRP doesn’t maintain this $2.20 level, it could trigger a decline toward even lower levels, especially if Bitcoin continues to experience downward pressure, with some speculating that Bitcoin might dip towards $75,000. However, he did mention that XRP’s daily chart shows encouraging signs, even if the recovery isn’t yet definitive. The key will be whether XRP can hold the $2.20 mark as a solid support level, which would act as a springboard for further gains.

Meanwhile, other experts have also weighed in on XRP’s potential for a continued recovery. Analyst Ali Martinez, for example, pointed out that $1.65 is another level that could offer support if selling pressure intensifies. Martinez’s chart analysis shows that XRP is still within an ascending channel, which has been forming since late last year. If this channel holds, the price could bounce back toward higher levels, but a failure to hold $1.65 would likely signal deeper declines, pushing XRP below this channel.

Further analysis from Dark Defender, who takes a broader view of XRP’s price movements, suggests that the worst of the market downturn may be over. His analysis, based on monthly timeframes, indicates that XRP recently hit the lowest Fibonacci level in a corrective fourth wave, signaling the end of this correction. Dark Defender predicts a possible price surge if XRP can maintain support above the $1.88 to $1.91 range. His price targets are notably bullish, forecasting potential rises between $5 and $8 in the coming months.

At the time of writing, XRP is priced at $2.18, just a small fraction away from reclaiming the crucial $2.20 level. The next few days will be critical in determining whether XRP can sustain this recovery and move toward higher price targets. If the market sentiment continues to improve, XRP may continue its rise, but the coin will need to hold above $2.20 to solidify its recovery and potential future gains.