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.