XRP Approaches Critical Fibonacci Support Level Amid Price Pullback
XRP is testing critical Fibonacci support levels which could influence the token's rally into late 2024. Currently priced at $2.0995, XRP is slightly down by 0.16%. It is positioned just above the 38.2% retracement level of its April rally.
Current Support and Patterns
The significant support region identified lies between $2.078 and $2.00, where previous price actions suggest a potential market turnaround. Key Fibonacci retracement levels include:
- 38.2% at $2.0775
- 50% at $1.9896
- 61.8% at $1.9016
A corrective pattern A-B-C has been observed since the $2.36 high, with the current wave (C) indicating potential movement towards the $1.90 area before momentum shifts upward.
Momentum Indicators
The one-hour RSI shows higher lows, suggesting that selling pressure may be diminishing. This divergence indicates a possible upcoming bullish move. Current price compression on lower timeframes hints at significant movement ahead.
Resistance Levels
Key resistance levels above the current price are as follows:
- 38.2% retracement near $2.2559
- 11.8% line at $2.2743
- Previous peak at $2.36
Traders are considering external factors, such as Bitcoin's performance and the Federal Reserve's decisions, which might impact XRP's trajectory.
As of the latest update, XRP is trading at $2.14.