These Key XRP Price Levels Could Be XRP’s Next Pivot: Analyst

Analyst Casi Trades highlights key support zones for XRP, suggesting these levels could determine the next major price movement.

Recently, XRP experienced a notable surge, reaching a high of $2.08 per unit on April 9 after a previous crash. Following this price spike, the crypto asset pulled back but observed a recovery, stabilizing at around $2.24. 

Amid these movements, market experts are monitoring XRP’s key support levels to identify the next possible moves.

Expert Identifies Key Support Zones

Notably, after XRP touched the $2.24 level, it became important.382 Fibonacci retracement, analyst Casi Trades expressed concerns about a potential reversal. She noted that this level triggered bearish Relative Strength Index (RSI) signals across multiple timeframes, suggesting a potential shift in momentum.

In her analysis, Casi identified two crucial support zones that could act as pivots for XRP’s price. First, the $1.90 level, which aligns with a .5 Fibonacci retracement, is viewed as an essential backtest area for a potential short-term bounce. 

The second key level is $1.55, marking the golden .618 Fibonacci retracement, which also aligns with the Wave 2 target of the Elliott Wave Theory. According to Casi, either of these levels could dictate XRP’s next movement.

Per Casi Trades, at this stage, the focus is not on pinpointing exact tops and bottoms. She stressed that traders should stay grounded in the market structure and prepare for the potential opportunity ahead without reacting out of fear.

Warning on XRP Potential Dip Before Rally

In addition, analyst Egrag Crypto expressed caution, forecasting a possible dip before any significant price increase. Egrag indicated that if XRP fails to close above the $2.30-$2.50 range on the 5-day timeframe, a retrace to $1.85 could occur. Despite this potential pullback, Egrag maintained long-term price targets of $7.50, $13, and $27 for XRP.

Egrag further pointed out the likelihood of a market liquidation event, which could lead to sudden price shifts. Still, the analyst remained neutral on trading positions, opting to hold and accumulate more XRP at specific target levels.

Drawing parallels to historical events, such as China’s fluctuating stance on Bitcoin mining in 2023, Egrag stressed that news and macroeconomic factors often drive sudden and unexpected movements in the crypto market. According to him, when China banned Bitcoin mining, the market slumped but recovered following a decision to lift the ban.

Now, he has highlighted how President Trump’s tariffs on respective countries and products took a hit on the market. Consequently, when Trump paused the tariffs for 90 days, the market started recovering, and this push could persist if macro events remain favorable. Ultimately, Egrag notes that he follows charts with a clear understanding that specific events are likely to unfold.

SEC Case Outcome and Future Price Action

In addition to the analyst insights, community sentiment surrounding XRP is divided, particularly regarding the potential price impact following the conclusion of the SEC lawsuit.

A community figure known as “All Things XRP” recently noted that investors expecting an immediate surge once the lawsuit ends might be too late. According to this individual, much of the anticipated price movement from the resolution of the lawsuit has already been priced in, and no explosive rally is expected.

Instead, All Things XRP suggested that the real catalysts for XRP’s future price growth will likely come from Ripple’s actions post-lawsuit. These could include forging new partnerships, increasing XRP’s utility, and taking significant steps to enhance its adoption. Investors are encouraged to focus on these developments rather than waiting for the lawsuit’s conclusion to drive the price higher.