XRP shows noticeable bullish momentum following a successful rebound from the support level at $2.07, which may signal a potential market breakout.
A Calculated Rebound at $2.07
On June 28, XRP dipped to $2.07, identified by analyst Casitrades as a 'golden confluence zone'. This key level aligns the 0.618 Fibonacci retracement, the 1:1 extension of wave C, and the 0.618 extension of subwave 5. The sharp bounce from this zone confirmed the end of the corrective phase.
Two Short-Term Price Paths
Casitrades outlines two scenarios for XRP in the next 24 to 48 hours. In the first, XRP moves to around $2.30 before pulling back to retest $2.25 as support. In the second scenario, the price pushes through $2.30 towards $2.45 or even $2.69 before a significant pullback occurs.
Legal Developments Provide Tailwind
Legal developments are also boosting XRP's technical momentum. Ripple confirmed its readiness to withdraw its counter-appeal, and the SEC is expected to follow suit. This signals that the legal case may be nearing resolution.
XRP continues to exhibit positive trends, and with two potential scenarios ahead, along with legal clarity, the next 48-hour period will be key for price dynamics.
