XRP Poised For Final Flush Before Breakout, Predicts Crypto Analyst
XRP opened the new month perched against a chart inflection that popular trader CasiTrades (@CasiTrades) describes as one of the most important structural levels for the token this cycle. In a post on X dated May 1, the analyst argued that the $2.25 zonea former breakout pivothas turned into the battleground on which the next decisive move will be forged.
XRP Price Faces Crucial Back-Test
May begins with a critical back-test XRPs next move could [come] sooner than many realize! CasiTrades wrote, framing the current pullback as a textbook retest of broken support turned resistance. According to the technician, failure to sustain bids above $2.25 last week triggered the formation of a three-wave corrective sequence. Sub-wave B appears to have ended with Wednesdays brief return to $2.25, leaving what CasiTrades calls a likely C-wave move toward $2.00 as the scenario to monitor.
The analyst allows for a deeper intraday liquidity sweep, noting that if that final leg plays out with momentum, theres a strong chance we wick down to $1.90, a price level that has not been visited since XRPs breakout earlier this quarter. The $1.90 area coincides with both the 0.50 Fibonacci retracement of the entire advance off the correction lows and the 0.618 retracement of the most recent legtwo retracement depths that many technicians treat as high-probability reaction zones.
Short-term momentum gauges are hinting that the corrective phase may be running out of steam. On the lower time-frames, RSI is flashing exhaustion, which suggests this dip may be short-lived, the post continues. CasiTrades therefore views the prospective flush as the final touch of support before XRP flips $2.25 and its off to the races, reiterating upside targets at $2.68, $3.00 and beyond once we break out cleanly.
For now the bigger picture remains unchanged, the analyst concludes. All signs point to one final flush before structure is ready to launch higher Excited to see how May begins! Watching closely not with hype, but pure technicals!
Market participants will be watching the $2.00$1.90 belt for evidence that buyers are indeed defending the midpoint of the recent rally. A convincing reclaim of $2.25, on the other hand, would validate CasiTrades thesis that only a critical back-test stood between XRP and the next leg toward multi-year highs.
At press time, XRP traded at $2.21 and XRP is slowly grinding upwards from the crucial $2.00 support zone (red).
Read more: https://www.newsbtc.com/xrp-news/xrp-poised-for-final-flush-before-breakout/
Text source: NewsBTC
