XRP Reaches ABC Pattern Top—Analyst Says $6.50+ | XRP News
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XRP finds itself at a pivotal juncture following a transfer that touched the 0.382 Fibonacci retracement close to the $2.24, as highlighted by crypto analyst Casie (@CasiTrades). Referring to this zone as “XRP Reaching C Top,” she identified that this stage aligns exactly with the higher boundary of the most recent three-wave ABC sample. From her perspective, that faucet close to $2.24 has now triggered bearish indicators on the RSI, suggesting a potential short-term reversal, indicating that a deeper correction could also be across the nook.
Where Is XRP Heading Next?
“Either one of these major supports could be XRP’s next pivot,” Casie said when describing two attainable retracement zones at $1.90 and $1.55. She labeled $1.90 because the 0.5 Fibonacci retracement and “a critical backtest area,” whereas figuring out $1.55 as “the golden .618 Fib retrace” and a prime candidate for what Elliott Wave theorists may see as a Wave 2 corrective low.
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On her chart, these price ranges are marked as main helps that might every immediate an eventual pivot towards larger highs. According to Casie, the overarching bullish construction stays intact, with the short-term dip now needed for affirmation earlier than any renewed push upward.
In her follow-up commentary, Casie reiterated her bullish stance by saying, “Breakout to new highs in April! Remember, ANY wave 3 extension target is valid—6.50 USD, 9.50 USD, 13 USD, 26 USD.” This assertion aligns along with her broader Elliott Wave Theory method, through which she sees the present corrective leg as a precursor to a probably highly effective third wave extension.
Her chart, initially shared in mid-March beneath the heading “XRP Holding Strong, But Still in Waiting Mode!,” confirmed that the project was already holding above $2.26, a stage she referred to as “the key .382 retracement support,” whereas pinpointing larger upside targets at $2.70 and $3.05 as soon as the market confirms one other upward wave.
Casie additional talked about that “XRP needs to break above $3.40 to confirm our new trend,” explaining that till that occurs, the following massive transfer stays in query. Traders who comply with her work will be aware that the RSI divergence seen on a number of timeframes has added to short-term bearish considerations, however the medium- to long-term image, in Casie’s view, nonetheless signifies scope for a new rally as soon as price revisits and confirms assist.
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As of now, all eyes stay on whether or not XRP’s pullback finds assist at one of Casie’s highlighted Fibonacci ranges. The price briefly breached $2.20 however has since proven indicators of faltering momentum, leaving merchants to watch if $1.90 —or in the end $1.55 —will emerge as a pivotal bounce zone. If XRP does stabilize at or above these areas, sentiment may shift as soon as more towards contemporary highs, particularly if the broader market cooperates.
Casie’s situation of a wave 3 extension towards targets above $6 stays on the desk, however the speedy query is how the asset handles this retracement section. The construction nonetheless seems bullish total, but the approaching classes shall be important in figuring out whether or not XRP’s present pullback lays the inspiration for a sustained subsequent leg larger.
At press time, XRP traded at $2.16.
Featured image created with DALL.E, chart from TradingView.com
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