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XRP finds itself at a pivotal juncture following a transfer that touched the 0.382 Fibonacci retracement close to the $2.24, as highlighted by crypto analyst Casie (@CasiTrades). Referring to this zone as “XRP Reaching C High,” she identified that this degree aligns exactly with the higher boundary of the most recent three-wave ABC sample. From her perspective, that faucet close to $2.24 has now triggered bearish indicators on the RSI, suggesting a possible short-term reversal, indicating {that a} deeper correction could also be across the nook.
The place Is XRP Heading Subsequent?
“Both of these main helps might be XRP’s subsequent pivot,” Casie said when describing two doable retracement zones at $1.90 and $1.55. She labeled $1.90 because the 0.5 Fibonacci retracement and “a important backtest space,” whereas figuring out $1.55 as “the golden .618 Fib retrace” and a chief candidate for what Elliott Wave theorists may see as a Wave 2 corrective low.
Associated Studying
On her chart, these value ranges are marked as main helps that might every immediate an eventual pivot towards increased highs. In accordance with Casie, the overarching bullish construction stays intact, with the short-term dip now wanted for affirmation earlier than any renewed push upward.
In her follow-up commentary, Casie reiterated her bullish stance by saying, “Breakout to new highs in April! Keep in mind, ANY wave 3 extension goal is legitimate—6.50 USD, 9.50 USD, 13 USD, 26 USD.” This assertion aligns along with her broader Elliott Wave Idea strategy, during which she sees the present corrective leg as a precursor to a probably highly effective third wave extension.
Her chart, initially shared in mid-March underneath the heading “XRP Holding Robust, However Nonetheless in Ready Mode!,” confirmed that the challenge was already holding above $2.26, a degree she referred to as “the important thing .382 retracement help,” whereas pinpointing increased upside targets at $2.70 and $3.05 as soon as the market confirms one other upward wave.
Casie additional talked about that “XRP wants to interrupt above $3.40 to verify our new development,” explaining that till that occurs, the following massive transfer stays in query. Merchants who comply with her work will notice that the RSI divergence seen on a number of timeframes has added to short-term bearish issues, however the medium- to long-term image, in Casie’s view, nonetheless signifies scope for a brand new rally as soon as value revisits and confirms help.
Associated Studying
As of now, all eyes stay on whether or not XRP’s pullback finds help at one in all Casie’s highlighted Fibonacci ranges. The worth briefly breached $2.20 however has since proven indicators of faltering momentum, leaving merchants to look at if $1.90 —or finally $1.55 —will emerge as a pivotal bounce zone. If XRP does stabilize at or above these areas, sentiment might shift as soon as extra towards contemporary highs, particularly if the broader market cooperates.
Casie’s situation of a wave 3 extension towards targets above $6 stays on the desk, however the quick query is how the asset handles this retracement part. The construction nonetheless seems bullish total, but the approaching periods shall be important in figuring out whether or not XRP’s present pullback lays the inspiration for a sustained subsequent leg increased.
At press time, XRP traded at $2.16.
Featured picture created with DALL.E, chart from TradingView.com