According to crypto analyst The Great Mattsby, XRP may be approaching a key technical test on higher timeframes, with the token potentially backtesting the monthly Ichimoku cloud around $1.03. As reported by crypto.news, the analyst argues that traders familiar with market structure and Ichimoku analysis should not view this setup as bearish from a macro perspective, describing the current chart as a prolonged consolidation phase. The monthly Ichimoku chart shows XRP trading above a major support zone created by the cloud structure that has developed over several years, with a move toward $1.03 placing the token near the upper region of that support area.
According to data from crypto.news, XRP traded near $1.16 on June 4, extending a pullback that has accompanied renewed weakness across the cryptocurrency market. The decline comes even as the XRP Ledger ecosystem prepares for another network upgrade, with version 3.2.0 set to be deployed soon. The upgrade will introduce a transition from the long-running 'rippled' software name to 'xrpld', requiring infrastructure providers, validators, and node operators to update their systems ahead of the migration.
On the daily timeframe, XRP remains below the Supertrend indicator, which currently sits near $1.34. The indicator has remained in bearish territory since late May and continues to cap recovery attempts. Any sustained rebound would likely require buyers to reclaim that level before attention shifts toward the $1.45-$1.50 region. Momentum indicators have also weakened, with the daily MACD remaining below the zero line and the signal line continuing to trade above the MACD line. Histogram bars have expanded into negative territory, showing that selling pressure has yet to fully subside.
Despite recent decline, several developments continue to support the long-term XRP narrative, including the upcoming XRP Ledger 3.2.0 upgrade following the successful activation of version 3.1.3 in May. Institutional adoption of Ripple's ecosystem has also expanded through the growth of RLUSD and additional infrastructure partnerships. However, downside risks remain tied to both technical and macroeconomic factors, with a decisive break below the $1.03 support area potentially exposing XRP to a deeper retracement toward psychological support near $1.00.
