NewsBTC
20 hour ago
1 0

BULLISH 📈 : XRP Wave 4 Bounce Gains Momentum, Eyes $1.65 Breakout

XRP is experiencing a Wave 4 relief bounce following a sharp sell-off. Although short-term momentum is building, the larger downtrend remains, indicating potential for another downward move before a true recovery.

Key Points:

  • XRP is in a Wave 4 bounce after last week's significant drop, with RSI hitting multi-year lows suggesting capitulation.
  • The price has reached the first Wave 4 target at the 0.382 Fibonacci retracement near $1.52, aligning with macro resistance levels.
  • The relief could extend to $1.65, where further resistance is expected. A move above this would support recovery; failure could lead to another decline.
  • Analyst CasiTrades notes that if XRP doesn't hold $1.65, targets are around $1.09 and possibly $0.90.
  • A break above $1.65 could shift outlook positively, focusing on confirming support before entering positions.
  • The ongoing correction tests major technical levels, suggesting a potential start of a stronger recovery if another wave down does not occur.

XRP