XRP is currently trading at $1.2233 on October 29, 2026, following a significant break below a key Fibonacci level. The move has attracted close attention from cryptocurrency analyst CasiTrades, who is outlining crucial levels for investors to monitor in the near term.
Analyst highlights key Fibonacci levels
CasiTrades identified the $1.27 mark as an important 0.618 Fibonacci support level. With XRP dropping below this zone, the analyst points to “heavy selling momentum” as a major driver behind the decline. Following the breakdown, XRP found interim support near $1.20, which has previously acted as a notable resistance area.
With XRP breaking below the 0.618 support at $1.27 and heavy selling momentum, temporary support has emerged close to $1.20, a price that previously served as significant resistance.
Looking ahead, CasiTrades is watching the $1.10 level as the next important support. The analyst specifies that the key threshold lies just above the $1.0937 Fibonacci retracement. Maintaining a price above $1.10 is considered essential to preserve the current wave count in the ongoing market structure.
Should the $1.10 level fail, a move toward $0.87 remains a possible outcome. CasiTrades revealed that a spot buy order has been placed at $0.94, with a previous long-term buy set around $1.10 months earlier. A close below $0.98, however, is seen as a clear trend reset, which could delay expectations for a larger bullish pivot.
| Level | Type | Analyst’s Note |
|---|---|---|
| $1.27 | Former Fibonacci support | Broke with heavy selling |
| $1.20 | Interim support | Area of past resistance |
| $1.10 | Key support/Buy zone | Critical for current wave |
| $0.98 | Trend reset level | Break here resets larger count |
| $0.94 | Analyst’s buy order | Active for market entry |
| $0.87 | Downside scenario | Possible if $1.10 fails |
Wave 2 correction in focus
CasiTrades describes the current price movement as “classic W2 behavior,” referencing Wave 2 of the Elliott Wave structure. This phase is often characterized by sharp corrections that can test both investor conviction and leveraged positions, setting the stage for a potential subsequent Wave 3 rally.
Despite the drop, CasiTrades emphasizes that the market action aligns with expectations following a prolonged nine-month battle to break through resistance zones. A sharp pullback, in the analyst’s view, fits the technical pattern, rather than invalidating it.
Mini dictionary: Elliott Wave structure – A technical analysis theory that maps out repetitive market cycles caused by collective investor psychology, typically identified as five upward or downward waves in price action, interspersed with three corrective phases.
These corrections can be fierce, rapidly shaking out leverage and challenging trader conviction before any prospect of a Wave 3 rally.
Advice for market participants
CasiTrades is cautioning traders not to react solely to immediate selling pressure. Instead, the analyst encourages a focus on Fibonacci supports, noting that holding above $1.10 is crucial for maintaining a bullish structure.
A confirmed move below $0.98 would reset the wave count, potentially postponing any large-scale recovery. Nevertheless, the broader setup remains in view as long as these levels hold.
At the time of writing, XRP trades at $1.2233, reflecting a daily decline of 0.94%.
