After an almost constant drop in the last week, the XRP price is now struggling while oscillates between bearish and bullish impulses. This correction is worrying as it is pushing the price downwards towards a level of fibonacci that could unleash a further drop. Having said that, the price must recover and hold the level of $ 3 if there must be a great recovery of the price.
What’s wrong with XRP?
The Crypto Casitrades analyst has outlined the challenges that the XRP price is currently going through and what must happen for the Altcoin to regain upward momentum. In the post X, he explains that the inability to gather after a short rebound above $ 3 showed that there was no more movements upwards to have. But rather, he only did a part of the deepest corrective wave. So far, this has proved to be the case as the bears were previously able to beat the XRP price below $ 3.
After the first break below $ 3, the price had prompted support to $ 2.75. This level is the level of retracement of 0.5 fibonacci and a supported break could trigger more arrests. As Case explains, this decline was part of a wider correction of the ABC waves, which is intrinsically reduced in itself.
However, the fact that the $ 2.75 remain above $ 2.65 wave 1 leads the analyst to believe that overall, the XRP price is still bullish. Mainly, he explains that there are now upward divergences that occur on the 15 -minute graph until the 40 -hour graph. This suggests that $ 2.75 could be the minimum of the last decline.
Because $ 3 must contain from here
Given the establishment of a possible low at $ 0.75, the next way of acting is to recover $ 3 and transform this resistance into support. As Crypto’s analyst explains, an increase in the level of $ 3,21 and a prolonged break are what is necessary for confirmation that the decline is finally finished. What should follow such a move is a bullish impulse.
If this trend takes place, then the expectation is that the XRP price will be directed towards new maximums of all time from here. The Crypto analyst sees an initial $ 4, which would mean its highest point in over seven years. So, after this, a possible increase of $ 4.60- $ 4.80 acts as a final objective.