While the crypto market is going through a major turbulence, several analysts are keeping their eye on XRP after its increased dominance and record breaking gains in the past year. In one of the speculations, an analyst is predicting that XRP price could bottom at $1.95 – a key level where subwaves in the Elliott Wave pattern are believed to converge.
In her recent post on X, CasiTrades, a popular trader and technical analyst, predicts that XRP could soon hit a final low of $1.95 where it could potentially mark the bottom before a notable rally.
CasiTrades’ analysis centers on the Elliott Wave Theory and Fibonacci retracement levels – two widely respected tools in technical analysis. As per her analysis, XRP recently tagged the .382 Fibonacci retracement level, which acted as a key resistance during a relief rally. Following this, XRP price began pulling back and the analyst now anticipates a final touch at $1.95 before the next pump.
Although Casi also warns for a deeper flush, where could see XRP wick down to as low as $1.90, a critical support level. Any break below $1.90 would invalidate the current trend count with forcing a reassessment of XRP’s trajectory.
For the bullish scenario, CasiTrades suggest that a flush to $1.95, accompanied by a bullish RSI divergence – where the price makes a new low but the Relative Strength Index (RSI) does not – could signal the bottom. This divergence is often interpreted as a buy signal and it might clear the way for XRP to surge into “wave 3/3” of the Elliott Wave pattern, potentially leading to a substantial price surge.
The prediction comes at a moment for XRP, where the broader crypto market is navigating through volatility and increased selling pressure. As per CoinMarketCap data, XRP is currently trading at $2.05 – down 12.5% in the past 7 days.
Also Read: Ethereum Price Prediction: Will ETH Rise Back After Brutal Start?
