Analyst: XRP Price Hinges on Key Support Level for Next Rally

XRP has demonstrated significant bullish momentum, closely following the early-stage breakout pattern identified by prominent crypto analyst CasiTrades. The digital asset surged toward the $2.30 level, reaching a local peak at $2.2980 before experiencing a slight correction.

In her technical analysis, CasiTrades outlined two potential scenarios for XRP's price trajectory. The current market movement aligns with the first scenario, featuring an initial push to $2.30 followed by a likely retracement to $2.25. This pullback is being closely monitored as it will determine whether the breakout maintains its strength or loses momentum.

The $2.25 level has emerged as a critical technical threshold, serving as both the 0.382 Fibonacci retracement level of the broader consolidation range and the previous resistance zone that XRP recently surpassed. CasiTrades emphasizes that a successful retest and consolidation above this level would confirm the establishment of new support, potentially validating the breakout structure.

Momentum indicators further support the bullish case. The Relative Strength Index (RSI) showed no bearish divergence across lower timeframes, suggesting the price surge was neither overextended nor lacking conviction. The RSI reached the high 60s before beginning to reset, creating favorable conditions for another upward move if support holds.

Should $2.25 solidify as support, CasiTrades identifies $2.69 and $3.04 as the next major resistance levels. The $2.3048 mark, representing the 0.618 Fibonacci retracement from a previous swing, could serve as an acceleration point if breached.

Disclaimer: This analysis represents market observations and should not be construed as financial advice. Readers should conduct their own research before making investment decisions.