XRP’s price action is approaching a decisive moment as prominent analyst CasiTrades warns that “the clock is ticking” for the cryptocurrency’s next major move. Currently trading at $2.07, XRP faces a critical juncture that could determine its trajectory for the coming weeks.
Technical Analysis Points to Imminent XRP Price Movement
In a detailed analysis shared on X, CasiTrades highlights that XRP remains confined within a structural range since early April, with recent price action testing the crucial $2.10 resistance level. The cryptocurrency’s failed attempt to break above the 0.618 Fibonacci retracement at $2.118 suggests mounting selling pressure.
Key Support Levels to Watch
Two critical support levels have emerged in the analysis:
- Primary support at $1.90 (0.5 Fibonacci retracement)
- Secondary support at $1.55 (0.618 Fibonacci level)
The relative strength index (RSI) shows a bearish divergence, suggesting potential downside pressure before any significant upward movement can materialize. This technical indicator aligns with recent whale activity showing resistance around $2.16.
Elliott Wave Pattern Suggests Larger Upward Movement Ahead
CasiTrades frames the current market structure within an Elliott Wave pattern, identifying the ongoing movement as Wave 2 of a larger impulsive sequence. The analyst projects potential targets based on Fibonacci extensions:
- $6.50 (1.618 extension)
- $9.50 (2.618 extension) – deemed “most likely”
- $12+ (3.618 extension)
FAQ: XRP Price Movement
Q: When could XRP break out of its current range?
A: According to the analysis, a resolution is expected before the end of April, with potential for a swift move following a test of major support levels.
Q: What are the key resistance levels to watch?
A: The immediate resistance zone lies between $2.10-2.17, with a crucial overhead wall at $2.24.
Q: What could trigger the next major move?
A: A decisive volume break above $2.24 or below $1.90 could trigger the next significant price movement.
At press time, XRP trades at $2.07, maintaining its position within the established range as market participants await a definitive break in either direction.