In-Depth Analysis of XRP’s Resilience Amid Legal Challenges
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XRP’s Price Stability Amidst Legal Setbacks
XRP recently faced notable price fluctuations after a decision by US District Judge Analisa Torres, perceived by many as a setback for Ripple. In spite of the legal hurdles, a seasoned crypto analyst remains optimistic about XRP’s long-term bullish potential. Investors are encouraged to maintain confidence in XRP’s trajectory, particularly its ability to uphold the pivotal $2 benchmark.
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XRP’s Bullish Outlook Despite Legal Hurdles
The recent court decision, which dismissed the joint motion by Ripple and the US SEC, led to short-term volatility in XRP’s price. However, crypto analyst CasiTrades, formerly known on X (previously Twitter), reassures investors of XRP’s ongoing structural integrity. The analyst interprets the recent decline as part of an expected corrective pattern, specifically an ABC correction, with the market likely transitioning into the concluding phase, Wave C.
According to CasiTrades, XRP has reached a crucial support range between $2.07 and $2.10, correlating with the 0.618 and 0.5 Fibonacci retracement levels. To date, this zone has successfully withstood downward pressure, with a daily close affirming the $2.10 support level.
Momentum indicators further reinforce this perspective. XRP’s Relative Strength Index (RSI) on shorter timeframes has entered oversold territory around the 20 mark, exhibiting a bullish divergence—a potential signal of diminishing selling pressure. The Fibonacci levels offer additional technical confirmation, with immediate resistance identified at $2.13 (0.236 Fib) and $2.145 (0.382 Fib). A more formidable resistance is emerging around the 0.5 Fibonacci Extension level at $2.16.
Currently, XRP is trading at $2.19. According to CasiTrades, reclaiming and closing above the resistance levels, especially $2.145, could signal the conclusion of the ABC correction. This would potentially reignite XRP’s previous bullish trend, paving the way for a new upward rally.
XRP’s Potential Surge Towards New Highs
In a subsequent analysis, CasiTrades highlights XRP’s approach to the $2.07 support zone while eyeing potential highs near $2.69. After facing resistance at $2.145—coinciding with the 0.382 Fibonacci Retracement and marking the ideal target for Wave 4—the analyst suggests the final phase of Wave C is underway.
The $2.07 level carries significant technical weight, aligning with the 0.618 Fibonacci Retracement of the entire upward movement, the 1:1 extension of Wave C, and the 0.618 sub-wave projection. These converging Fibonacci levels suggest a promising reversal point.
With the market currently positioned around $2.08, CasiTrades anticipates that maintaining support above $2.07 could trigger a bullish breakout, potentially propelling XRP towards $2.25 and possibly reaching $2.69 if positive momentum persists.
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