Apr 09, 2025 12:05
Crypto analyst CasiTrades (@CasiTrades) published a new XRP analysis, highlighting yesterdays intraday plunge to about $1.61 after the widely watched $1.90 level gave way. Overnight we saw $1.90 break down, and price flushed to around $1.61, the analyst commented via X, pointing out that this sudden drop produced new extremes on the RSI across the market and came within striking distance of a previously identified support zone. XRP To Hit $13 In April? Since the crash on Monday, XRP has rebounded significantly, but the analyst now views $1.90 as major resistance at this point and underscores that the breakdown of the 0.5 Fibonacci retracement near $1.90, while disappointing for bulls, may still be consistent with a larger corrective scenario. Related Reading: XRP Confirms Head And Shoulders Breakdown: How Low Can It Go? The chart itself reveals an ongoing corrective Wave 2, as CasiTrades maintains: Ive believed for a while we were in a macro Wave 2. He emphasizes that the breach of the $1.90 support level confirms that corrective pattern more than it invalidates anything. Below $1.90, the next crucial pivot, according to the chart, is the golden .618 retracement, flagged at about $1.55. This area is part of a broader green support band that stretches from approximately $1.45 (the .65 retracement) up toward $1.55 (the .618 retracement). CasiTrades suggests that the price action arriving in this zone might well be the turning point that sets XRP on a path to higher ground. Its exactly what sets up the kind of Wave 3 that breaks through ATHs, she said, while also noting, The next wave should easily break those resistances. Be prepared for this to happen very fast. The relative strength index on CasiTrades chart shows XRP reaching extreme oversold territory amid yesterdays crash, having dropped below 20 before recovering to the low 40s. That bounce, which aligned with price returning from $1.61 toward the $1.90 region, underscores the significance of the short-term retracement. Related Reading: Crypto Pundit Reveals What Will Happen If XRP Price Does Not Break $2.3 Yet the analyst maintains that any definitive bullish confirmation now hinges on whether XRP can stabilize around $1.55 if it continues to slide. If we do bottom near $1.55, it actually strengthens the bullish case for those big April targets$8 to $13 still stands, CasiTrades wrote, reiterating her belief that a successful Wave 3 extension above prior highs could generate a rapid climb into the multi-dollar range. Resistance at $1.90 remains front and center for traders in the immediate term, with CasiTrades remarking that $1.90 resistance test happening now. She believes that if price fails to hold above that threshold on any retest, XRP will likely continue its descent toward the $1.55 mark. From there, the chart suggests a potential wave reversal that, if confirmed, could deliver one of the more important breakouts of this cycle. I still believe this could be one of the most important months XRP prints this cycle, CasiTrades added, underscoring the high stakes surrounding the 0.618 Fib level bear $1.55 and the possibility of a new bullish impulse forming in the near future. Whether XRP can regroup and power through the $1.90 ceiling after dipping to the golden pocket remains the central question. At press time, XRP traded at $1.86. Featured image created with DALL.E, chart from TradingView.com
World Crypto Global
