- XRP’s fate hinges on holding crucial $2.41 support level.
- Bitcoin’s resistance could trigger XRP’s next major price movement.
- Will XRP bounce back or dip further?
The cryptocurrency market has seen a slight dip, with the total market cap falling to $3.56 trillion, down by 0.7% in the past 24 hours. Bitcoin is trading near $105,300, experiencing a small drop of just under 1%, but it remains above key support levels. Ethereum follows a similar path, priced at around $3,560, showing only a minor decline. Despite the pullback, trading volumes remain solid, suggesting that market activity is still high.
Among altcoins, XRP has caught attention, rising over 9% this week to $2.49. However, Solana and Cardano have struggled to maintain recent gains, while Dogecoin and Tron have shown solid growth. Despite the excitement over the weekend, the market is still uncertain, and no clear trend is emerging at this point.
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XRP at a Critical Juncture: Will $2.41 Be the Key?
According to Casi Trades, XRP’s price action is approaching a critical point that could define its next major move. They emphasize the importance of waiting for a backtest of support in volatile market conditions. XRP is currently eyeing a key Fibonacci support level at $2.41. If this level holds, XRP could see a potential bounce back toward $2.50. However, if the $2.41 level breaks down, the next major support area is seen around $2.00, which coincides with the 0.5 Fibonacci retracement.
The analyst warns that XRP’s future could hinge on its ability to hold these crucial support zones. A failure to sustain at $2.41 could signal a deeper decline to the $2.00 region before a potential recovery. Bitcoin’s movements will also play a role in XRP’s trajectory. With Bitcoin still facing resistance, a pullback to the $94,000 or $97,000 levels could precede any significant upward movement for both BTC and XRP.
XRP’s fate seems tied to the broader market conditions. The key focus is on the reaction around the $2.41 level, which will likely determine whether the coin experiences a temporary bounce or faces further downward pressure.
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