XRP (CRYPTO: XRP) has pulled back from this week’s gains, but analysts believe the recovery structure stays “intact” as long as the coin defends the key support at $1.20.

The Headwinds And Tailwinds

In a note shared with Benzinga, Shawn Young, Chief Analyst at MEXC Research, stated that XRP’s biggest headwind is “weak follow-through” across the broader cryptocurrency market, though he noted that inflows into spot exchange-traded funds are providing support.

The analyst viewed progress on the Clarity Act as a key catalyst that could improve “institutional confidence” in XRP.

Key Levels To Watch Out For

XRP surged to $1.28 earlier this week on reports of a U.S.–Iran peace deal,…

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