- XRP holds strong support above major candles, signaling a potential bullish reversal soon
- Elliott Wave and Fibonacci levels suggest $2.04–$1.72 as key supports to watch
- Traders monitor $2.37 resistance, as the RSI hints at oversold conditions
XRP’s latest price action has reignited discussions among top analysts. The coin trades near $2.30, down over 3% on the day and nearly 12% for the week. Despite this short-term decline, analysts argue the long-term structure remains intact, signaling a potential bullish turnaround.
Related: XRP Price Prediction: ETF Speculation Builds Ahead Of Ripple’s $2.5B Escrow Release
XRP’s ‘Generational Setup’: Why Analysts See Strength
EGRAG CRYPTO, a well-known market analyst, stated that XRP’s long-term structure continues to mirror earlier cycles. He noted that the token is building a solid support base above major body candles, suggesting strength rather than weakness.
He emphasized that the current accumulation phase resembles past patterns. This consolidation, however, is on a larger scale, reflecting market maturity. While bears expect deeper corrections, this technical setup continues to favor a bullish outlook.
XRP Key Support Levels Analysts Are Watching
CasiTrades, another analyst, observed that XRP is tracking a textbook Elliott Wave formation. The analyst identified $2.04 and $1.72 as the next critical support levels. These levels correspond with the 1.618 and 2.618 Fibonacci extensions.
The Relative Strength Index (RSI) near 36.8 shows oversold conditions, hinting at a possible short-term rebound. However, XRP must reclaim $2.37 to confirm renewed upward momentum.
Traders Eye Key Resistance Levels
PrecisionTrade3 added that XRP recently tested and bounced from the .382 Fibonacci level at $2.30, suggesting interim support. The next retracement target lies near $2.41 if Bitcoin climbs to $107,400.
The analyst’s broader outlook still targets $1.88 as the potential completion point of the current correction. Consequently, traders are closely monitoring $2.37 (resistance) and $2.04 (support) as the next decisive levels.
Related: XRP’s Market Conflict: Long-Term Holders (LTHs) Are Selling, but $2.50 Support Won’t Break
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