XRP faced a sharp dip below $3.17 yesterday, raising concerns among traders. Analyst CasiTrades pointed out that the correction tested an important support area referred to as the golden retracement pocket. The area, near $3.11, frequently corresponds to Wave 2 objectives within Elliott Wave Theory.
A dip below $3.10 would have broken the bullish trend, but XRP held its ground. The bounce from this bottom enabled the price to retrace its lost ground and reclaim the resistance point of $3.21 in minutes.
Rebound indicates buyers are intervening at important support. Volume is slowly building, lending support to the rebound. As CasiTrades indicates, holding this level is essential to sustaining bullish sentiment. A hold above the support at $3.21 would provide room for a more sizeable advance.
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CasiTrades highlighted that Wave 2 retracement may come before a powerful Wave 3 impulse. The present structure with increasing volume suggests XRP could be setting up this next surge.
Significant resistance levels lie ahead, such as the .118 Fibonacci level of $3.41 and the all-time high of $3.66. The key target area is around $4.80, where several extensions meet.
The momentum for this rally is obvious. The volume is not hesitant or slow, usually an indication of a strong rise on the upside. Traders would be waiting for a breakthrough above $3.66 to confirm a move towards even higher grounds.
CasiTrades highlighted that this golden retracement support is an important point of reference in determining how strong this wave is.
Analyst JAVONMARKS offered a broader perspective based on previous bull cycle patterns. He suggested that if XRP continues to mirror past cycles, the next major level could be around $9.63, representing a potential 188% gain from current prices.
Even though short-term targets stay in sharp focus around $3.41 and $4.80, the big-picture direction looks primed for a much higher rally.
With historical movement and current momentum, as well as strong support levels, XRP could be positioning for long-term rises. Market traders are now focusing keenly on the volume and pricing movement to determine whether the bullish pattern continues.
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