The XRP market continues to attract analysts' attention. Technical assessments indicate the potential for a significant price movement while the asset remains within a narrow range.
Price Activity and Resistance Zones
Between April 16 and April 22, XRP’s price remained confined within a tight band between $2.04 and $2.18. Notably, on April 21, the token briefly surged to $2.14 before retreating to the $2.07 range. Technical analyst Casi Trades uses Elliott Wave theory to analyze the asset's movements and identifies the current phase as Wave 2—a corrective phase that typically follows a bullish Wave 1.
Support Levels and Fibonacci Resistance
Casi’s latest analysis indicates that XRP faced resistance at the 0.618 Fibonacci retracement level, slightly above the $2.10 mark. This level, often seen as a barrier in bullish trends, appears to have triggered a temporary rejection. She has identified critical support levels at $1.90 and $1.55 that need to be maintained for an increased likelihood of breakout.
Momentum Indicators and Historical Patterns
In addition to wave-based analysis, Casi utilizes momentum metrics such as the Relative Strength Index (RSI) to gauge XRP’s trajectory. The current RSI reading stands at 39.92, placing it in a neutral zone. However, the presence of a bearish divergence may suggest weakening bullish strength. Another analyst, known as Papa, draws comparisons between XRP’s present behavior and its historical pattern during the 2017 bull market.
Despite mixed technical indicators, analysts remain optimistic about XRP's long-term potential, drawing from key support levels and historical parallels.
