XRP’s price moves above $2.10, now targeting $2.26 retracement level.
Wave C for XRP begins, with focus on $2.26 resistance level.
A break above $2.41 would invalidate the bearish scenario for XRP.
XRP has demonstrated impressive resilience, rebounding from recent lows and maintaining a steady position above $2.10. As Wave C begins, all eyes are on the $2.26 retracement level to determine the next move. Will XRP continue its upward momentum or face a significant pullback?
XRP Price Shows Strength as Wave C Begins
XRP has demonstrated notable strength in recent price action, holding above the $2.10 mark after bouncing back from its recent lows. Over the past 24 hours, XRP saw a significant climb, moving from around $2.05 to above $2.18.
However, it has since settled near the $2.14 level, marking its strongest movement since early January. XRP’s price action is now entering Wave C, with analysts paying close attention to the $2.26 retracement level as a key point in its potential next move.
The cryptocurrency has been following a near-perfect structure with its A and B waves, indicating that Wave C is crucial in determining the next steps for the coin.
According to technical analyst CasiTrades, the price’s reaction at the $2.26 level will be critical in shaping its near-term direction. If XRP rejects the $2.26 retracement, the cryptocurrency could see a sharp drop, breaking key support levels like $2.11 and $2.03.
This would potentially set the stage for a further decline towards $1.65 in Wave 3. On the other hand, if XRP manages to hold and climb above this level, it could invalidate the bearish scenario and signal a more bullish outlook.
Critical $2.26 Retracement Level and Support Zones
The $2.26 retracement level has emerged as a key focus for XRP as it begins Wave C. If the price struggles at this level, the cryptocurrency could see a sharp move downward, testing crucial support zones such as $2.11 and $2.03.
These support levels are vital for preventing further downside risk and maintaining the current structure of the market. On the other hand, should XRP break the $2.26 level, it may signal the continuation of the current bullish trend.
The price action at $2.26 will provide clarity on whether the bearish Wave 2 scenario is still intact or whether a stronger rally is possible. XRP’s next steps will depend on this critical resistance level and the subsequent movement from it.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
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