- XRP tests critical support, with potential for a bullish bounce.
- Key resistance at $2.41 could signal continuation or correction.
- Traders eye $2.03 support level for risk management decisions.
Crypto market analyst CasiTrades has shared an update on XRP’s price action, highlighting key support and resistance levels that could shape the next significant move in the market. According to CasiTrades, the analysis points to a critical test of the $2.03 support level, with potential for an upward move toward $2.26 if the bullish divergence continues to unfold. This wave up could play a crucial role in determining the next direction for XRP.
Currently trading at $2.06, XRP’s price has recently touched the $2.03 support level, aligning with the macro 0.5 Fibonacci retracement. This is a key zone that has historically marked turning points for XRP. The touch at this support has triggered a bullish divergence, a signal that the asset may be on the verge of a price bounce. If this upward movement continues, CasiTrades anticipates that XRP could target the $2.26 level, completing subwave 2 of the ongoing Elliott Wave count.
The Crucial Resistance Level at $2.41
The next significant hurdle is the $2.41 resistance level, which corresponds to the 0.854 Fibonacci retracement. Breaking above this level and flipping it into support would likely confirm the continuation of the bullish trend.
If XRP successfully maintains its momentum and surpasses $2.41, it would invalidate the bearish scenario targeting $1.65, a macro support level that traders have been watching for some time. However, if XRP fails to break through this resistance, a pullback could occur, potentially pushing the price back to the $2.03 support zone.
Also Read: Nigeria Introduces Identity-Based Crypto Oversight with New Tax Reforms
This level is crucial because it will determine whether the market moves higher or whether a correction will take place, resetting the price action toward the $1.65 macro support.
Risk Management and the Bigger Picture
For traders, managing risk is essential, as the market stands at a critical juncture. With the current price at $2.06, it’s important to set stop loss orders just below $2.03 to safeguard against any downside movement.
While $1.65 remains a key macro support level, the immediate focus is on how XRP behaves around $2.41. If the resistance holds, it could signal a broader corrective phase. However, a breakout above this level could lead to further upward momentum, signaling a more positive outlook for the asset.
As the market waits for XRP’s next move, the coming days will be pivotal. Whether the price can break the $2.41 resistance and maintain upward momentum or whether it faces a pullback will determine the trajectory for the near future. All eyes will remain on these key levels as traders position themselves for what’s next.
Also Read: 3 Important Requirements Features Every XRP Holder Should Know
