Recent international developments have significantly impacted the price of XRP, which plunged to $2.01 amid news of the U.S.-Iran conflict.
XRP Drops to $2.01 Again
After weeks of consolidation, XRP broke down to $1.93, coinciding with fresh news about the U.S.-Iran conflict. Analyst CasiTrades had anticipated this decline, marking a crucial Fibonacci support level. Despite market panic, the bounce from this key level has rekindled traders' hopes for a recovery.
Bullish Signals in XRP's Momentum
Interestingly, XRP's charts also show a potential bullish divergence forming on both the 15-minute and 1-hour RSI, indicating buyers stepping in as selling pressure eases. However, the confirmation of the bounce is yet to be seen, and an early sign of changing momentum is noted with the upward slope of the 1-hour trendline.
Future of XRP: Hopes and Concerns
The market is at a critical stage. If XRP can hold above $2.01 and steadily climb, the next major resistance to break is near $3.00, signaling a potential trend reversal and possibly a new rally. Nonetheless, CasiTrades warns that it is too early to celebrate, as confirmation of a more significant trend change on the 4-hour or daily charts has yet to occur.
The situation around XRP continues to evolve, and traders should closely monitor indicators and support levels. The future of the cryptocurrency hinges on its ability to maintain current levels.
