XRP Price Must Maintain Key Macro Support for Revival Prospects

XRP has faced a downward trend over the last 48 hours, with its price dropping to around $2 after struggling to maintain a rally above $2.10 earlier this week. The selling pressure has been managed rather than overly aggressive, yet each attempt to increase has encountered resistance around a local trendline at approximately $2.165.

Key Takeaways

XRP is facing downward pressure, with a current price of $2.04 after struggling to exceed $2.10.
A critical macro support level is the 0.5 Fibonacci retracement around $2.03; defending this zone is crucial for a potential bullish recovery.
If XRP stays above $1.97, it may continue to trend upwards; breaking above $2.41 would confirm stronger bullish prospects.
Falling below $1.97 could shift focus to the macro support at $1.64, indicating a more challenging bearish phase.

XRP

Insights from crypto analyst CasiTrades highlight a critical macro support level essential for determining whether XRP can stabilize and aim for a bullish recovery or plunge into a bearish correction below $2.

XRP Holds Key Macro Support at Approximately $2.03

CasiTrades notes that XRP is currently defending the key macro 0.5 Fibonacci retracement level located around $2.03, which has proven to be a significant structural support. This is evident in recent trading behavior, as the cryptocurrency now sits at $2.04 after bouncing back from a low of $1.99 within the last 24 hours.

The analyst remarked that XRP's earlier robust reaction to this level signifies its role as a demand zone. The accompanying chart illustrates repeated returns to this region, where buyers have stepped in to avert a prolonged downturn.

XRP

Although XRP has briefly dipped below the 0.5 Fibonacci level, this move did not gain momentum. The crucial takeaway is that XRP has not fallen below the $1.97 mark, which CasiTrades indicated as the threshold that would confirm a more severe bearish scenario. Maintaining a price above this level suggests that there is still hope for price increases, rather than declines towards other lower price targets.

Possible Bullish and Bearish Outcomes

The analysis identifies two clear paths for XRP, contingent on how it reacts to the macro support level at $1.97. On the bullish front, if XRP holds above $1.97, it leaves the possibility open for further upward movement. With this level intact, a deeper retracement scenario remains unconfirmed.

From this point, XRP could continue to make gains, but a decisive break above the resistance near $2.41 would confirm a stronger bullish trend. If that level is surpassed, the next potential targets are projected to be within the $2.75 to $2.90 range, as illustrated in the purple bullish scenario on the chart.

Conversely, if XRP falls below $1.97, it would negate the current support structure and shift attention toward the macro 0.618 retracement level around $1.64. This level is highlighted in the pink scenario on the chart, marking it as another critical support point that could help halt increasing selling pressure.

As it stands, no clear confirmation has come in either direction, placing XRP at a pivotal juncture where upholding macro support is vital for any significant attempt at recovery.

XRP XRP trading at $2.02 on the 1D chart | Source: XRPUSDT on Tradingview.com