Renowned crypto trader and analyst CasiTrades recently shared an update regarding the price action and structural developments of XRP.
In her technical analysis, she emphasized that the asset remains in an early Wave 3 phase within a bullish structure, despite the relatively quiet price action observed over recent sessions.
By closely analyzing the 4-hour chart, CasiTrades has outlined key support levels, potential confirmation signals, and critical price targets for XRP’s next move.
XRP Update! 📈
I believe #XRP is still in early W3. I know price action has been quiet, but the bullish structure remains valid!
Support Levels to Watch 👀
On the 4-hour RSI, there’s still a bit of room to reach the support trendline. 🚨Testing our key support levels at $2.53… pic.twitter.com/UyRaINyhdU— CasiTrades 🔥 (@CasiTrades) December 18, 2024
Support Levels and RSI Observations
According to the analysis, XRP is currently hovering near crucial support levels. Specifically, CasiTrades identifies $2.53 and $2.48 as critical areas to watch.
These levels serve as essential zones for XRP’s bullish continuation, and a failure to hold them could disrupt the broader bullish outlook. Traders and investors are advised to monitor these supports closely as a test of these levels could occur in the short term.
CasiTrades further highlights the 4-hour Relative Strength Index (RSI) in her analysis. The RSI indicates room for further downward movement toward the support trendline, which aligns with the price action testing these critical support zones.
This confluence between RSI behavior and price support underscores the importance of these levels in maintaining the bullish structure.
Confirmation of Wave 3 Continuation
CasiTrades notes that XRP is still in the corrective phase until it can confirm the continuation of Wave 3 by breaking above the previous local high of $2.90. Achieving this breakout is critical as it would validate the next leg of the bullish structure and serve as a strong indicator that XRP is moving toward larger price targets.
It is important to note that corrective phases are a normal part of price action, particularly in the context of Elliott Wave Theory. As long as the key support levels are intact, the bullish outlook remains valid.
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Key Wave 3 Targets
CasiTrades highlights a series of significant Fibonacci-based Wave 3 price targets for XRP, contingent upon a successful break above $2.90. The first key target is $3.23, based on the 1.618 Fibonacci extension, marking an important milestone in the asset’s progression.
Higher targets include $3.81 at the 2.618 extension, $4.40 at the 3.618 extension, and $4.98 at the 4.618 extension. These levels provide traders and analysts with a clear roadmap for XRP’s upward trajectory and reflect the broader potential for Wave 3 completion.
The Broader Perspective
While short-term movements appear somewhat volatile, CasiTrades encourages traders to maintain a larger time-frame perspective. By zooming out to the 4-hour chart, she notes that the broader structure remains bullish. Short-term price movements, while sometimes “messy,” are part of XRP’s natural progression within the Elliott Wave framework.
This analysis aligns with the principle that smaller-degree subwaves can often be less reliable, particularly in certain market conditions. By focusing on the larger degree waves, traders can avoid overreacting to minor fluctuations and maintain confidence in the overall bullish trend.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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