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XRP Price Can Still Cross $3, But It Needs To Hold This Level Against Bears

XRP’s recent rally to $2.30 has been followed by a cooling-off period, with the price falling back to $2.18 after slipping below the short-lived $2.25 support. Although this pullback might raise concern, it comes on the back of a week-long steady increase that took XRP from $1.93 early last week back to the $2.33 resistance level that has held firm in the past 30 days.

Crypto analyst CasiTrades shared an updated outlook with a chart to show how a test of the consolidation zone between $2.18 and $2.16 could determine whether XRP reclaims its bullish momentum to $3 or enters into a deeper reset.

$2.16–$2.18 Zone Determines XRP’s Direction

According to CasiTrades, who posted her technical analysis on the social media platform X, XRP’s recent retest around $2.16–$2.18 is not yet a breakdown, but it marks a defining moment. After reaching $2.30 resistance, the price wasn’t able to hold the $2.25 support level. Instead, it pulled back to retest. 

Notably, this zone was previously the top of a major consolidation structure, and holding above it would suggest that XRP is a simple backfill structure after a breakout.  This is a very common pattern where a crypto price rejects a key resistance, retests the initial breakout zone, and resumes the trend if momentum holds.

XRP

In the analyst’s view, the market needs to respect this range to confirm that XRP is still in breakout mode. The importance of this level is also echoed in the chart shared by the analyst, where a rising wedge intersects with the highlighted horizontal support at $2.1688 around the 0.382 Fibonacci retracement level. 

On the other hand, a failure to hold would shift the outlook drastically from a bullish perspective. As noted by the analyst, if the altcoin fails to hold above $2.16, it could initiate a pullback toward $1.90 and potentially invalidate the bullish setup that has been building over the past week.

RSI Divergence Points To Higher Chance Of Rebound

One of the early encouraging signs for XRP bulls is in the Relative Strength Index (RSI), which has been diverging from price. This is an excellent signal of seller exhaustion, which supports the analyst’s claim that the current move could be more of a cooldown than another crash to $1.90.

CasiTrades believes XRP would be ready for its next extension wave if bulls can defend the $2.16 to $2.18 range and reclaim $2.25. The price targets in view are $2.69 and $3.04, both based on Fibonacci levels. The first resistance level is at $2.3027 around the 0.618 Fibonacci extension. This price level is also a milestone for confirming the strength of the rally before a broader move to $3 and possibly above.

Interestingly, the altcoin’s price action in the past 12 hours has seen it already reclaiming bullish momentum after bouncing off an intraday low of $2.17. At the time of writing, XRP is trading at $2.27, up by 3.7% in the past 24 hours. This shows that buyers are already working to flip the $2.25 price level.

XRP

from Bitcoinist.com https://ift.tt/4uCXeVW
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