XRP is once again in the spotlight as traders focus on a critical trendline that could define its next major moves.
Key Support at $2.145
XRP recently hit the 0.382 Fibonacci retracement level at $2.145, marking the apex of its recent consolidation. This convergence of technical levels makes $2.145 a crucial support area in the short term. So far, the price has responded positively, bouncing back from this support, indicating strength and renewed bullish momentum. Analyst Casitrades referred to this level as 'the most critical on the chart in the short term,' cautioning that a drop below it would signal weakness.
Resistance at $2.25
As XRP strengthens above support, attention now shifts to the $2.25 resistance level. Casitrades noted this is the next major threshold. A breakout above $2.25 would be a bullish confirmation and could pave the way for a move toward $2.69, the next Fibonacci target. 'The price is now trying to push back toward the $2.25 resistance. That's the next big test,' Casitrades added.
General Market Trends
XRP's price action unfolds as the broader altcoin market shows signs of revival. With Bitcoin consolidating, many traders are shifting their focus to high-potential assets like XRP. Market indicators such as RSI and Stochastic RSI are also showing signs of increasing bullish momentum. Volume is beginning to rise as XRP approaches resistance, suggesting growing interest and accumulation.
For now, all eyes are on whether XRP can clear $2.25 and confirm a breakout. As Casitrades aptly stated, 'this trendline is everything.' How XRP behaves around it could determine the direction of the next major move.
