XRP Price Must Hold $2.75 to Avoid Further Decline
XRP is currently experiencing price fluctuations between bearish and bullish impulses after a decline over the past week. The price is nearing a critical Fibonacci level that could trigger further declines. To stabilize and embark on a recovery, XRP needs to reclaim the $3 level.
Current Challenges for XRP
- The recent failure to maintain a bounce above $3 signals limited upward movement potential.
- A drop below $3 has led to testing support at $2.75, which is also the 0.5 Fibonacci retracement level.
- A sustained break below $2.75 may lead to more significant crashes.
- This decline is part of a larger bearish ABC wave correction.
- However, $2.75 remains above the Wave 1 high of $2.65, indicating potential bullish momentum due to divergences observed in various time frames.
Importance of Holding $3
- To prevent further downside, XRP must reclaim $3 and convert this resistance into support.
- A rise above $3.21 is needed to confirm an end to the current decline and initiate a bullish impulse.
- If successful, initial targets include $4, marking a seven-year high, with a potential surge toward $4.60-$4.80.
