NewsBTC

18 April 2025

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XRP Price Consolidation Indicates Potential Breakout Above $2.24

The price of XRP is consolidating above the mid-$2 region. Analyst CasiTrades suggests this may precede a significant upward movement based on an Elliott Wave analysis.

XRP Price Analysis

• Current consolidation follows a Wave 2 correction from a December peak near $3.40.
• Recent pullbacks include:
  • Leg A bottomed at $1.77 in February.
  • Leg B retraced to $2.99.
  • Leg C is holding around $1.54, defending the 0.618 retracement level.
• A liquidity zone exists between $1.55 and $1.45, potentially signaling further support testing.
• Solid support noted at the 0.5 retracement ($1.90) with a crucial resistance at $2.24 (0.382 level).
• CasiTrades indicates that breaking and holding above $2.24 could shift market dynamics away from lower levels.
• Bullish divergence observed on the Relative Strength Index indicates selling pressure may be waning.
• Expectations for a Wave 3 advance with targets at $6.50, $9.50, and over $12 based on Fibonacci extensions.
• Market timing is critical; potential breakout could occur in late April if support levels hold.

As of now, XRP is trading around $2.16, just below the key resistance level of $2.24.