Analyst CasiTrades has stated that XRP retains its bullish potential despite recent dips. Key support and growth potential remain in focus.
Current XRP Price and Support Levels
As of now, XRP is trading at $2.92, above the key Fibonacci .5 level set at $2.77. This maintains bullish sentiment in the market. The analyst emphasizes that reclaiming $2.96 could bring back bullish momentum, while a break below $2.77 may lead to deeper corrective movement.
Technical Signals and Market Sentiment
Indicators such as the Relative Strength Index (RSI) suggest that both BTC and XRP still have room for downward movement, but the selling pressure is weakening. This creates conditions for possible recovery if buyers step in. If XRP tests the $2.77 level without breaking lower, it may signal potential double-bottom formation, a bullish signal.
Outlook for Traders and Investors
Currently, the market focuses on the $2.77-$2.96 support zone. A strong hold at support followed by a breakout above $2.96 would confirm XRP's return to the consolidation range, potentially leading to higher macro targets as momentum strengthens.
XRP's current consolidation reflects a balance between cautious sellers and accumulating buyers. If support at $2.77 holds, and XRP reclaims resistance at $2.96, macro plans will remain intact, with targets like $4.80 still achievable.
