- XRP tests $2.04 support: Key level for future price direction.
- $1.64 support looms if $2.04 fails; critical Fibonacci retracement.
- Hold above $2.04 could spark XRP’s rally to $2.65.
XRP traders are closely monitoring the cryptocurrency as it approaches a crucial support level at $2.04. The price has recently shown some bullish momentum, bouncing off a .618 local Fibonacci retracement. While this has sparked optimism, the $2.04 level is now the key area of focus. How XRP behaves at this level will likely determine the direction for the coming days.
According to CasiTrades, the $2.04 support is a vital level for XRP. This price point has served as a significant support zone in previous market corrections, and its performance now could dictate whether XRP moves higher or faces a deeper pullback.
A failure to hold this level could lead to a decline toward $1.64, the next critical Fibonacci support, marking a potential larger retracement.
Also Read: XRP Price Prediction for December 7: Sellers Continue to Dominate as Weak Momentum Persists
What’s Happening: The Current XRP Price Action
XRP has been making higher moves after bouncing off its .618 retracement, hinting at the possibility of an uptrend. However, the upcoming retest at $2.04 will be crucial. Should the price hold above this level, it could open the door for XRP to push past the next resistance zone around $2.41.
This could signal the beginning of a new bullish trend, with further targets set at $2.65. If XRP manages to break these levels, some analysts predict a surge toward $7 to $10 in the long term.
Conversely, if $2.04 fails to hold, XRP might be heading toward a deeper pullback. The $1.64 support, where the macro .618 retracement lies, is the next key area to watch. A move to this level would mark the completion of a larger correction before the market potentially moves back into an uptrend.
What Comes Next for XRP
The next few days will be critical for XRP’s price action. If $2.04 holds, it could trigger a rally, pushing the price beyond the $2.41 resistance and towards $2.65. A successful break here would confirm the start of a new bullish wave.
However, if the support level fails to hold, XRP may retrace to $1.64, completing a larger Fibonacci retracement before starting another upward cycle.
Traders and investors alike are watching closely as XRP approaches this critical juncture. Whether it breaks above $2.04 or drops below could significantly influence its price in the coming weeks. All eyes are on this key level to determine whether the bullish momentum continues or if a deeper correction is in the cards.
Also Read: MetaMask Expands into Prediction Markets with Polymarket Integration
