After a period of decline, XRP's price finds itself at a pivotal juncture, battling between bearish pressures and nascent bullish impulses. Its ability to reclaim and sustain key price levels will dictate whether it embarks on a significant recovery or faces further depreciation.
XRP's Current Predicament
The XRP price has been wrestling with instability following a recent, near-steady decline over the past week. Crypto analyst CasiTrades highlighted that a failure to rally significantly above the $3 mark indicated a deeper corrective wave rather than a temporary bounce. This bearish momentum has successfully pushed XRP below the critical $3 threshold once more. The current struggle revolves around the $2.75 level, which represents the 0.5 Fibonacci retracement. A sustained breach below this point could trigger further price crashes, exacerbating the correction.
A Path to Recovery and New Highs
Despite the immediate challenges, there's a silver lining for XRP. The fact that the $2.75 level remains above the Wave 1 high of $2.65 suggests that, overall, the XRP price maintains a bullish posture. Crucially, bullish divergences are appearing across various timeframes, from 15-minute to 40-hour charts, indicating that $2.75 might indeed mark the bottom of the latest decline. For a confirmed bullish reversal, XRP must reclaim and firmly hold the $3 level, turning this former resistance into strong support. A sustained break above $3.21 would further validate the end of the current downturn and pave the way for a bullish impulse. If this scenario unfolds, analysts foresee an initial target of $4, a point not seen in over seven years, potentially followed by a surge towards new all-time highs in the $4.60-$4.80 range.
