Analyst Shows XRP Is Approaching Price Discovery Moment. Here’s What It Means
2025-07-16 08:15:51
Main Idea
Analyst CasiTrades suggests XRP is nearing a price discovery moment, with key resistance at $3.04 and potential for rapid upward movement if this level is breached.
Key Points
1. XRP has been testing the $3 resistance level, with bullish momentum indicated by its ability to stay above $2.90.
2. According to Elliott Wave Theory, the current phase is part of a powerful Wave 3 trend, suggesting significant upward potential.
3. The $3.04 level is critical as it aligns with the 0.118 Fibonacci retracement from XRP's all-time high and serves as the neckline for a cup-and-handle pattern.
4. A bearish divergence in the RSI is noted, but in Wave 3 environments, this may not immediately result in a pullback.
5. Breaking above $3.04 could lead to rapid price movement into uncharted territory, with CasiTrades predicting a swift surge.
Description
Over the past few days, XRP has staged a steep rally, gaining strength as it approaches the $3 mark, the closest critical significant resistance zone on its chart. The price action over the weekend has reinforced bullish conviction, as XRP repeated retested $3 resistance level before resting above $2.90 at the time of press. Wave 3 Behavior Aligns with Technical Expectations The chart, posted by well-followed crypto analyst CasiTrades (@CasiTrades), presents a zoomed-in view of the price structu...
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