XRP Bounces Back After Reaching $2.07 Fibonacci Confluence Zone

XRP rebounded sharply after reaching the $2.07 Fibonacci confluence zone, which includes the golden .618 retracement and key wave extensions. This bounce could indicate the end of a correction and potential for further price increases.

Key Points

XRP dipped to $2.07, aligning with multiple Fibonacci levels.
The subsequent upward movement suggests a potential recovery phase.
Current price action is approaching resistance at $2.25, a critical Fibonacci level.
A break above $2.25 may signal a shift towards bullish continuation.
Ripple’s legal situation with the SEC could also influence price movements.

Short-Term Scenarios

First scenario: XRP rises to $2.30, then pulls back to retest $2.25 as support.
Second scenario: XRP pushes to $2.45, approaching larger resistance near $2.69, followed by a minor pullback.
$2.25 remains crucial for confirming a larger breakout opportunity.

CasiTrades noted that Friday's price movement was a reaction to completed market structures, suggesting that wave 3 is underway and could lead to significant surges if resistance levels are cleared.