XRP just has fell under $ 3But the market may not be as bearish as it looks. The price decreased in the 0.382 Fibonacci retracement level at $ 2.96, a significant support zone. The wick up to $ 2.94, which corresponded to the purpose of 0.618 sub -golf goal, quickly turned upside down and recovered $ 2.96. This rapid recovery is classic behavior that is often seen when a market finds its buttocks.
According to market analyst Casi Trades, The current setup Can open the door for XRP to stabilize and possibly strive for higher goals, with levels such as $ 4.80 that are already on the radar.
XRP has a strong support of $ 2.96 support
XRP’s newest Price action Delivered exactly which technical analysts were waiting for. Adding even more weight to the case for a soil is the Relative Strength Index (RSI). The RSI pressed Bullish divergence on both 15 minutes and the 1-hour graphs.
While prices fell, The RSI showed higher lows, the signaling momentum shifted in favor of buyers. Combined with the clear 5-wave Neerwaartse move on the graph, Casi Trades believes that this confirms that XRP has completed its correction phase.
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The analyst explained that the drop In $ 2.96, followed by an immediate bouncing, shows that the market was “on hunting for a bottom and XRP was delivered.” The combination of Fibonacci levels, divergence signals and clean wave structure makes this support zone one of the most important In the current cycle.
Bullish Outlook and upward goals
Now that XRP has beaten and kept the support of $ 2.96, traders are concentrating on the next phase. Casi Trades noted that XRP can linger around this level or can test again, but the company is already one Positive sign.
The market analyst expects Large-Cap to lead to cryptocurrencies, including XRP, the following Wave of win. Confirmed with support, the attention is now shifting to upward goals. The most critical mentioned is $ 4.80, but the analyst believes that the momentum XRP can bear even higher if the circumstances remain favorable.
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These bullish prospects are not only fed by XRP’s graph But also due to broader market conditions. Large caps tend to move together when the sentiment improves, and XRP that holds its ground at $ 2.96 is a strength of strength. “From this support for this support on the market, I expect things to become exciting and bullish“Casi said trades.
If the impulsive benefit resumes, the recovery of XRP from this support zone can be the start of a Strong upward leg.
For now, all eyes remain at the level of $ 2.96. As long as XRP holds above it, the case is for one Bullish Rally Remains strong. The market setting points to higher prices, whether it takes off immediately or after a short consolidation. With the potential for a run to $ 4.80 and after that, the sharp fall in XRP may have just set the stage for his next big move.
Featured image of dall.e, graph of tradingview.com