XRP continues to wrestle with short-term bearish pressure, but analysts are watching closely as it approaches two pivotal price levels: $1.71 and $1.55. These Fibonacci zones may mark the end of its ongoing corrective wave and set the stage for a potential bullish reversal.
As of April 9, XRP trades at $1.82, reflecting a 3.80% decline in the last 24 hours. Over the past 7 days, the token dropped 14.11%, and in 14 days, it has corrected by 26.3%. Despite these losses, XRP remains up 199.24% year-over-year, fueling speculation about a rebound.
Analyst CasiTrades Tracks Corrective Wave 2 Completion
Technical analyst CasiTrades has closely tracked XRP’s Elliott Wave structure. According to her, XRP recently responded to a 0.618 Fibonacci retracement level near $1.55, which aligns with her subwave 2 target. This level represents a critical support zone within the broader corrective Wave 2.
Following the rejection from $1.55, CasiTrades believes XRP could be transitioning into subwave 3, which may carry short-term downside risk but hint at the correction’s final leg.
She identifies $1.81 as a critical threshold. If XRP breaks below it, this action would likely confirm continued downward movement. From there, $1.71 could be a minor pause before the token potentially revisits the golden ratio support at $1.55.
RSI Divergence Signals Possible Turnaround
CasiTrades also tracks Relative Strength Index (RSI) metrics to strengthen her case for a reversal. She notes bullish divergence could appear in the coming days, signaling that momentum may shift in XRP’s favor after testing these key supports.
If the wave structure completes near $1.55 and is accompanied by bullish RSI signals, XRP may have a chance to break out of its current correction and begin a new upward impulse.
Analyst Sets $4.50 Price Target Despite Market Headwinds
Adding to the bullish outlook, analyst Dr. Cat projects XRP could rise to a minimum of $4.50, even if Bitcoin fails to reach new highs in its current bull cycle.
This projection is based on the 1.618 Fibonacci extension from the prior wave. However, Dr. Cat emphasizes caution: a 2-day close below $1.69 could invalidate this projection and demand a revised outlook.
Still, Dr. Cat assigns a 50% probability that the current dip marks the bottom of the corrective structure, citing historical behavior and price positioning near long-term support zones.
Related article: XRP Rebounds 4.77% in 24 Hours After Bearish Dip — Is This the Start of a New Upswing?
Meanwhile, analyst EGRAG has outlined a resistance roadmap that could define XRP’s next move. He points to $2.24 as the first breakout level, aligned with the 21-day EMA. A decisive close above this level would suggest early bullish strength.
EGRAG also identifies $2.30, $2.47, and $2.70 as critical resistance points tied to Fibonacci retracement levels. Surpassing $2.70, in particular, could ignite a stronger upward rally, signaling the end of the current downtrend.
Conclusion: A Correction Nears Completion
Although XRP faces short-term uncertainty, technical analysts remain optimistic about a potential reversal. With $1.71 and $1.55 as possible final support zones, the broader outlook hinges on XRP’s ability to hold and bounce from these levels. If successful, the market may soon witness a renewed bullish phase, fueled by strong technical foundations and growing investor confidence.
