XRP has recently experienced a significant rebound. From the lows of $1.85-$1.90 in December, it has surged all the way to $2.35, and this momentum has indeed caught many bears off guard.

From the daily chart, the short-term momentum shift is quite evident. However, analysts generally believe that this is not the start of a new bull market, but rather a rebound attempt after a long-term decline—an early signal of a trend reversal.

What's the good news? XRP has broken through the short-term moving averages. These lines had been resisting upward movement in November and December, but now they have been breached. This indicates that buying pressure is gradually gaining dominance, and the market structure may be brewing for a change.

The bad news also needs to be clear. The price is now approaching the dense resistance zone of $2.45-$2.65—where both the 100-day and 200-day moving averages are located. Historically, the selling pressure in this area has been quite fierce, and many rebounds have been pushed back here.

Next, it depends on whether XRP can hold steady in this zone. Breaking through this area is necessary to establish the reliability of the rebound. Otherwise, it will just be another fluctuation within the market.