- XRP tests key $2.04 support, eyes $2.41 resistance break.
- Analyst highlights crucial Fibonacci levels for XRP’s next price move.
- Market stays uncertain; XRP’s future depends on upcoming price action.
The XRP market has seen renewed excitement after a key support level was successfully tested, as expected by analysts. According to CasiTrades, XRP touched the critical $2.04 level over the weekend, which aligns with the 50% Fibonacci retracement. This level had been under close observation, and the fact that XRP found support here has been viewed as a strong validation of the technical structure traders have been tracking.
Despite this positive price action, CasiTrades notes that the market remains at a decision point. While the price has held above the $2.04 support, it still needs to break the $2.41 resistance to confirm a bullish trend. If XRP can surpass this level, the next target will be $2.65. However, if the price drops below the $2.04 support, it could pave the way for a bearish outlook, with the next support levels at $1.73 and $1.64.
The Market Awaits Confirmation
CasiTrades emphasizes the importance of buying at key Fibonacci levels. Traders who purchased near $2.04 are positioned well for either scenario. If XRP breaks above $2.41, those who entered at the support level will be in a strong position for potential gains. On the other hand, if the price falls below the support level, traders can protect themselves by placing stop losses just under $2.04, limiting their risk exposure.
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The upcoming movements depend largely on how XRP reacts to these critical levels. A break above $2.41 would confirm the bullish scenario and could lead to further upside toward $2.65. However, if the price fails to hold above $2.04, it would signal a bearish shift, possibly testing lower levels.
The Role of RSI in the Current Trend
With the Relative Strength Index (RSI) currently at 54.77, XRP remains in a neutral zone, indicating that there is still room for the price to move in either direction. This neutral reading shows that the market is neither overbought nor oversold, leaving the door open for both bullish and bearish scenarios.
As CasiTrades pointed out, the market is still waiting for confirmation. While the bounce from the $2.04 support is promising, the direction in which XRP moves next will depend on whether it can break resistance or hold the support. The next few days will be critical in determining XRP’s trajectory.
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