XRP is trading at $1.2735, holding at a critical support zone that has attracted close attention from crypto analyst CasiTrades. She recently issued an urgent alert to followers, highlighting the significance of this price level and urging traders to watch for a possible major move.
Technical overview: Support under pressure
Following a climb to highs near $1.65 in late September, XRP has retreated to its current range. This pullback places the asset directly atop a cluster of key Fibonacci retracement levels, which may dictate the next trend.
CasiTrades shared a 1-hour XRP/USD chart containing Elliott Wave annotations and multiple Fibonacci levels. The price has settled just above the 0.618 retracement at $1.2988 and the 0.65 level at $1.2360. This zone, marked as “wave 2” on the chart, could signal the conclusion of the corrective structure from September’s peak.
The Relative Strength Index (RSI) stands at 31.76, remaining just over the threshold for oversold conditions. CasiTrades pointed out that a bullish divergence is emerging, with XRP’s price recording lower lows while the RSI forms higher lows. This pattern enhances the importance of the present support area.
CasiTrades draws attention to another test of support for $XRP, calling the ongoing price zone a pivotal area that could determine whether the market’s recent pullback is ending or if further downward pressure will emerge.
Wave structure and upside potential
The technical setup suggests the existence of an impulse wave sequence that began in August. Following an initial surge from below $1, XRP formed its first major wave upward, then entered a corrective wave identified as wave 2. If support holds, wave 3 typically represents the strongest rally in the Elliott Wave cycle.
According to the orange trend channel on CasiTrades’ chart, XRP could target a move toward the $1.80 to $1.85 range as early as November if a recovery takes hold. Intermediate resistance awaits between $1.55 and $1.60, a region that previously served as resistance and now forms a target zone should momentum improve.
Important chart levels for XRP
Deeper downside support can be found at the 0.786 Fibonacci retracement at $1.0851, with additional reinforcement at the 0.854 level of $1.0904. Both are linked to late August’s consolidation range and serve as potential floors if current support is breached.
Upside objectives include the 0.618 Fibonacci resistance level at $1.6365, which aligns closely with the red horizontal marker on the technical chart at $1.6432. Breaking above this area would confirm a recovery and boost confidence among market participants.
A bullish divergence on the RSI, combined with XRP’s position above key Fibonacci levels, provides technical backing for this critical support zone, with market participants closely monitoring for signs of reversal or further decline.
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