XRP Price Analysis: Crucial Support Levels and Future Predictions
Note: This post may contain affiliate links, and we may earn a commission (with No additional cost for you) if you make a purchase via our link. See our disclosure for more info. The crypto world is constantly changing. This content is for informational purposes only and not financial, legal, or professional advice So, please verify the info on the cryptocurrency provider’s websites.
XRP is currently testing critical support levels, potentially deciding its short-term trajectory. A confluence of Fibonacci support levels, particularly the 38.2% and 50% retracements of a recent rally, sits between $2.0775 and $1.9896. Analyst CasiTrades highlights this $2.00-$2.078 range as a key support region, acting as a pivot point in past price movements. The current price action is interpreted as a corrective A-B-C pattern, with wave C potentially targeting the $1.90 level before a possible bullish reversal. Despite the price decline, a bullish divergence is observed in the RSI indicator on the one-hour chart, hinting at waning selling pressure and potential exhaustion of the downward momentum. This compression in price action suggests a significant move may be imminent. Resistance levels are also identified using Fibonacci retracements from a broader swing, with key levels at $2.2559, $2.2743, and $2.36. The analyst suggests a bullish outlook beyond $2.25, targeting $2.68 and higher. The potential influence of Bitcoin and the Federal Reserve's decision on XRP's price is also considered. A laddered long approach is recommended, with entry points at $2.08, $2.00, and $1.90, prioritizing $2.00 as the most likely pivot support. The overall analysis suggests a make-or-break scenario for XRP, with significant potential for either a further decline or a substantial upward move depending on how the current support levels hold.
(Source: https://www.newsbtc.com/xrp-news/xrp-make-or-break-technical-zone/)
