XRP Slides 8% Weekly, But Can Evernode’s Momentum Reverse the Trend?

XRP analysts track key support, bull flag patterns, rising scam alerts, and growing interest in Evernode amid shifting market activity.

Investor interest is shifting. While Evernode gains momentum in the ecosystem, XRP faces mixed signals on both short and long timeframes.

Crypto trader WillyWonkaXRP commented, “I’ve been focusing on Evernode because frankly speaking it’s got MAJOR legs,” adding that he’s stepping back into Ripple coverage to counter misinformation.

Evernode is a Layer-2 smart contract solution operating on the XRP Ledger (XRPL). It runs on the Xanau sidechain and allows developers to build dApps using various programming languages on a scalable network of hosts.

XRP Moves Within Ascending Channel

XRP is holding inside an ascending channel on the chart. The price recently tested the lower edge of the structure and bounced. This area has acted as support multiple times and continues to do so. As long as the asset stays above this trendline, the pattern remains valid.

Over the past week, XRP has dropped more than 8%, with a daily decline of less than 1%. A key observation is the long lower wick formed near the support line. This suggests buyers are active in that zone. If the current structure continues, a move toward $2.8 to $3 could follow. A breakout above this range may push the price higher, with some projections between $6 and $9.

Bull Flag Above 2021 Highs

Analyst ChartNerd pointed out a possible bull flag on the longer timeframe.

“$XRP: Zooming into the fractal, the bull flag/pennant structure holding above the 2021 highs should not be ignored,” the analyst shared.

The support is around $2, which aligns with the previous cycle’s peak.

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The flag pattern formed after a sharp move up earlier this year. Since then, XRP has been trading within a narrowing range. This type of consolidation often leads to a continuation move. The estimated breakout target from this setup is $20, based on the height of the flagpole.

Short-Term Resistance and Support Levels

According to CRYPTOWZRD, XRP is trading below $2.25, which is now a key short-term resistance. A move toward $2.41 could trigger a short setup if the price fails to hold that level. On the other hand, if XRP breaks and holds above that line, it may open the door for further upside.

Notably, the next support level on the lower time frame is $2.08. Until the chart forms a more defined structure, the trading range remains uncertain. The same analyst also noted that XRP/BTC strength may return if Bitcoin dominance continues to fall, possibly helping Ripple’s token reach $2.75.

Scam Warnings and Market Activity

Ripple has issued new warnings on social media about scams targeting XRP holders. They follow the recent Swell event and coincide with the introduction of a spot XRP ETF in the US. The attention from these events may be drawing out new fraud attempts.

Meanwhile, large wallet activity shows consistent selling from major XRP holders. These movements have raised some questions within the community, especially during a period of broader market volatility. Traders are monitoring wallet flows and exchange data as the market looks for a clear direction.