Critical XRP Update: Veteran Trader Says XRP Is At a Pivotal Moment. Here’s why

XRP has reached a pivotal moment in its price structure as the 0.618 Fibonacci retracement level failed to hold. This failure has brought the price back to a critical trendline at the 0.786 retracement level, as highlighted by crypto analyst CasiTrades (@CasiTrades).

CasiTrades is a crypto trader and analyst with over ten years of experience. She has identified this level as a key area of support for XRP to maintain its ABCDE wave pattern. She highlighted the current market movement which has remained consistent with the wave 2/D phase of the ABCDE structure, given that no new low has been established.

The preservation of this wave pattern is crucial for XRP to meet the projected $2.60 target for wave D. However, this depends entirely on XRP holding the critical trendline support at $2.05 (Fib 0.786), which currently appears to be stabilizing.

Technical Indicators and Support Analysis

As of now, XRP is finding significant support at the trendline. CasiTrades views this level as a stronghold for the broader wave structure to remain intact.

If this support level holds, it will reinforce bullish momentum, allowing for a potential upward move. The 0.786 retracement level often acts as a strong final support in corrective structures, making its significance in the current scenario undeniable.

Further bolstering optimism is the emerging bullish divergence observed on the Relative Strength Index (RSI). Bullish divergence on the RSI typically indicates that price momentum is shifting, often signaling an upcoming reversal to the upside. This is a key signal to monitor as traders assess the likelihood of the trendline holding and XRP regaining upward momentum.

Wave D Target and Risks

CasiTrades emphasizes that the $2.60 target for wave D remains valid, provided the current support level holds. This target is based on the assumption that XRP adheres to its ABCDE structure without breaking below the identified trendline support.

The importance of this level cannot be overstated, as breaching it would invalidate the wave count and likely lead to a reevaluation of the price structure.

However, if the trendline fails to hold, it could cause further downside for XRP, invalidating the projected $2.60 target. Such a scenario would likely trigger additional selling pressure, potentially leading XRP to test even lower levels.

XRP is currently trading at $2.06, after a 0.43% decline from yesterday. Although this seems bleak, many bullish catalysts in the digital asset’s future could ignite a massive surge.

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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