- XRP’s Fib Time Zone correction ends in March, potentially signaling a major price move in April.
- Key support at $2.17 could trigger a bullish reversal for XRP if it shows RSI divergence.
- XRP’s market sentiment divides, with predictions ranging from bearish drops to bullish gains reaching up to $8.07.
XRP’s price has recently faced a downturn, dropping nearly 6% and sparking concerns among investors. However, many analysts believe the end of March marks a significant turning point for the cryptocurrency.
As the Fib Time Zone correction phase concludes, XRP is expected to experience a major price movement, particularly in April. Experts are watching key price levels to determine if the cryptocurrency will begin a new bullish trend or continue its bearish momentum.
XRP’s Price Action and Market Trends
XRP price has declined significantly and it is currently trading below $2.2 level in the last trading sessions. The asset was down by 5.6% to an intra-day low of $2.19. The decline is attributed to volatile movement in the broader market and reduced volumes of trading.
However, over the last 30 days, XRP has experienced some stabilization at $2.00 to $2.50 range. This range has helped maintain a steady price on the asset while showing a mild decline on the monthly chart than the uptrend observed on the weekly chart.
Source: X
Another reason is that XRP price was affected by an ongoing legal process with the US Securities and Exchange Commission. According to the latest information, the lawsuit might be coming to an end, which may be good news for Ripple. However, players are still hesitant as the price has not displayed a consistent bullish trend. Analysts are now turning attention on the last phase of the Fib Time Zone correction to determine if this stage could spark a sharp price action.
Key Price Levels to Monitor for Potential Reversal
Many analysts have pointed out several key levels that cut across the horizontal resistance and support levels that will define the immediate direction of XRP. Therefore, the $2.17 the .618 golden retracement level and $2.15 the golden pocket are viewed as probable reversal points.
If XRP will test these levels and in the process shows bullish divergence on the RSI, there might be a good chance for a reversal. These levels are likely to act as the base on which upward movement towards the April’s level might occur especially in respect to the Fib Time Zone correction.
The fourth level of support for XRP is at $2.05, which can be considered as a .786 Fibonacci retracement. Even though it is seen as less possibilities, analysts have this point on their sights in case the market is still seen to weaken. This is lower than the $2.00 level which is the bottom of the channel and .854 of the retracement. These levels play a vital role in identifying the continuation of the bearish trend of XRP or the start of the bullish trend.
XRP Market Sentiment Amid Diverging Predictions
Market sentiment is divided regarding the future of XRP. Some experts, including renowned trader Peter Brandt, have expressed bearish concerns. Brandt warns that if XRP price fails to hold above the $1.9 support level, it could face a significant drop to $1.07, as he has identified a potential Head and Shoulders pattern on the chart.
This bearish outlook has caught the attention of many investors, particularly those closely watching XRP’s performance in relation to Bitcoin, which often influences the altcoin market.
Source: X
In contrast, other analysts maintain a bullish outlook for XRP. CryptoELITES has reaffirmed its $15 target for the cryptocurrency, citing its past gains. Furthermore, Dark Defender believes XRP is showing clear upward momentum on the 3-month chart and anticipates a third wave that could reach as high as $5.85 to $8.07. He also highlights a bullish rectangle pattern, suggesting that XRP may experience significant gains in the coming months.
