XRP Price Remains Above $2.9 Amid Market Downtrend
XRP has entered a bearish trend, trading below $3, but continues to hold above the critical level of $2.9, unlike Bitcoin, which has reached new local lows. This performance may indicate potential for a future rally.
Key Points on XRP's Current Price Action
- XRP remains above the significant macro level of $2.9, maintaining its larger consolidation pattern.
- Despite market downtrends, bullish divergences in altcoins like XRP suggest a short-lived decline.
- The price is currently at the 0.618 Fibonacci level, known as the ‘golden retrace’, historically indicating bullish continuation.
- XRP may follow an Elliot Wave pattern, with Wave 3 indicating potential for reaching new local peaks or all-time highs.
- A sustained support at $2.9 could signal the beginning of a new bullish trend, targeting over $5.3, representing an 80% increase from current levels.
