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XRP finds itself at a pivotal juncture following a transfer that touched the 0.382 Fibonacci retracement close to the $2.24, as highlighted by crypto analyst Casie (@CasiTrades). Referring to this zone as “XRP Reaching C Prime,” she identified that this degree aligns exactly with the higher boundary of the newest three-wave ABC sample. From her perspective, that faucet close to $2.24 has now triggered bearish alerts on the RSI, suggesting a possible short-term reversal, indicating {that a} deeper correction could also be across the nook.
The place Is XRP Heading Subsequent?
“Both of these main helps could possibly be XRP’s subsequent pivot,” Casie stated when describing two attainable retracement zones at $1.90 and $1.55. She labeled $1.90 because the 0.5 Fibonacci retracement and “a crucial backtest space,” whereas figuring out $1.55 as “the golden .618 Fib retrace” and a main candidate for what Elliott Wave theorists may see as a Wave 2 corrective low.
Associated Studying
On her chart, these worth ranges are marked as main helps that might every immediate an eventual pivot towards greater highs. In keeping with Casie, the overarching bullish construction stays intact, with the short-term dip now wanted for affirmation earlier than any renewed push upward.
In her follow-up commentary, Casie reiterated her bullish stance by saying, “Breakout to new highs in April! Keep in mind, ANY wave 3 extension goal is legitimate—6.50 USD, 9.50 USD, 13 USD, 26 USD.” This assertion aligns together with her broader Elliott Wave Concept strategy, during which she sees the present corrective leg as a precursor to a probably highly effective third wave extension.
Her chart, initially shared in mid-March below the heading “XRP Holding Robust, However Nonetheless in Ready Mode!,” confirmed that the mission was already holding above $2.26, a degree she known as “the important thing .382 retracement assist,” whereas pinpointing greater upside targets at $2.70 and $3.05 as soon as the market confirms one other upward wave.
Casie additional talked about that “XRP wants to interrupt above $3.40 to substantiate our new development,” explaining that till that occurs, the following large transfer stays in query. Merchants who comply with her work will be aware that the RSI divergence seen on a number of timeframes has added to short-term bearish issues, however the medium- to long-term image, in Casie’s view, nonetheless signifies scope for a brand new rally as soon as worth revisits and confirms support.
Associated Studying
As of now, all eyes stay on whether or not XRP’s pullback finds assist at one in every of Casie’s highlighted Fibonacci ranges. The value briefly breached $2.20 however has since proven indicators of faltering momentum, leaving merchants to look at if $1.90 —or in the end $1.55 —will emerge as a pivotal bounce zone. If XRP does stabilize at or above these areas, sentiment might shift as soon as extra towards recent highs, particularly if the broader market cooperates.
Casie’s situation of a wave 3 extension towards targets above $6 remains on the table, however the instant query is how the asset handles this retracement part. The construction nonetheless seems bullish total, but the approaching classes shall be crucial in figuring out whether or not XRP’s present pullback lays the muse for a sustained subsequent leg greater.
At press time, XRP traded at $2.16.
Featured picture created with DALL.E, chart from TradingView.com
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