XRP Price Relief Possible If Bulls Protect $2.13 Support Level
Crypto analyst CasiTrades has presented a technical analysis of the XRP market, suggesting a potential short-term price rebound despite a recent decline of over 7% in the past week.
Key Points from CasiTrades' Analysis
- XRP currently trades at $2.14 after a 4.86% drop in one day and 3.01% in thirty days.
- Ideal entry point for trading is at $2.20, targeting a price of $2.253 based on the 0.236 Fibonacci retracement level.
- Strong bullish momentum could push prices to targets of $2.333, $2.395, and $2.456.
- Stop-loss set at $2.13; a fall below this level would invalidate the trade setup.
- Next major support level identified around $1.77 if the trade setup fails.
- Increased daily trading volume by 57.32% indicates heightened selling pressure.
- XRP's Relative Strength Index at 36.47 suggests it is approaching oversold conditions, which may lead to a price rebound to around $2.30.
- XRP holds a market cap of $125.04 billion, ranking as the fourth-largest cryptocurrency.
- Market analyst Crypto V projects XRP's market cap could reach $790 billion by the end of 2025.
