Experts weigh in on XRP price action, highlighting the importance of holding support around $2 for a continued bull run.
XRP has not been spared from the significant bearish pressure that swept through the crypto market last night. The token, which was trading at $2.58, plummeted by 15% to $2.18 during the downturn.
This development has sparked fresh commentary from analysts about XRP’s next move. Casi Trade, a prominent analyst, provided a detailed update on XRP’s precarious position.
According to her analysis, XRP has broken through key support levels and is now holding just above the 0.236 Fibonacci retracement level. This has led to a reevaluation of wave counts and a broader look at the market structure.
Key Scenarios for XRP Trajectory
Casi outlined two potential scenarios for XRP’s current movement. The first is an ABC correction (Wave 2 of a new trend), in which XRP could find support near the trendline, in line with the current market structure. Alternatively, XRP might extend its bearish movement and break below the trendline.
However, both scenarios hinge on XRP’s ability to hold key support levels, particularly the $1.90–$2.00 range, which aligns with the 0.382 Fibonacci retracement level. Casi noted that, in either case, XRP is unlikely to break below this zone, offering some hope for the bulls.
Essentially, if XRP fails to hold above the $2 range, it could test even lower levels. However, a rebound from the current trendline could set the stage for a potential recovery.
At press time, XRP is recovering from yesterday’s sharp price decline, now trading at $2.37. Nonetheless, it still shows a 6.21% decline over the past 24 hours.
XRP “Springboard” to New ATH from $2
Meanwhile, other market watchers have expressed a similar sentiment regarding XRP’s price movement around the crucial $2 level.
In a tweet, market commentator Chad Steingraber suggested that a “double tap” at $2 would serve as a “springboard” for XRP to reach new all-time highs. He believes the token is on an upward trajectory, and nothing can hold it back.
XRP Outlook Remains Promising if Bulls Defend $2
Meanwhile, XRP critic IncomeSharks also weighed in on the coin’s potential price movement. He noted that if XRP bulls can defend the supertrend level around $2 and establish a bullish consolidation pattern, it would present a compelling reason to buy XRP again.
However, the analyst criticized the initial large daily candles, calling them FOMO-driven moves that often fail to attract sustained buying pressure. He concluded that if the green line holds, it would be a more rational entry point for potential buyers.
XRP chart by IncomeSharks
