Analyst Highlights Importance of $1.90 Support Level for XRP
A crypto analyst has reaffirmed a bullish outlook for XRP, indicating that its price action aligns with predictions. XRP is nearing a critical support level at $1.90, which could signal a potential bullish reversal if it holds above this mark.
XRP Approaching Key Reversal Zone
- Analyst CasiTrades notes that XRP’s movement follows expected patterns after a recent drop below $2.
- The $1.90 level is identified as a major Fibonacci Retracement zone (0.5 retracement) and is pivotal for price reactions.
- CasiTrades previously highlighted distinct movements during XRP's decline, including bounces off Fibonacci levels and the potential formation of Bullish Divergence.
If XRP maintains above $1.90 and shows Bullish Divergence on the Relative Strength Index (RSI), it may signal a new impulsive rally.
Synchronized Patterns in XRP and Bitcoin
- XRP is forming a Descending Triangle pattern, with current moves dipping into a high-demand zone.
- This behavior aligns with Elliott Wave Theory, indicating a completion of Wave 2 and the potential for a breakout in Wave 3 if the $1.90 support holds.
- Key Fibonacci extensions at $2.0 and $2.1 provide additional support for a rebound.
Bitcoin's price action mirrors XRP's, bouncing from just under its own 0.236 retracement near $97,000. This correlation suggests a broader market trend.
CasiTrades describes the current downturn as a calculated shakeout before a potential rally. A successful bounce at $1.90 for XRP and $97,000 for Bitcoin could trigger a new bullish phase in the crypto market.
