Renowned crypto trader and analyst CasiTrades has shared an in-depth analysis of XRP’s current price action, emphasizing its position within an early Wave 3 phase of a bullish Elliott Wave structure. Despite recent quiet trading sessions, her technical analysis highlights critical support levels, potential confirmation signals, and ambitious price targets for the asset.
Support Levels and RSI Insights
CasiTrades points out that XRP is teetering near crucial support zones, specifically at $2.53 and $2.48. These levels are pivotal for maintaining the asset’s bullish trajectory. A breakdown below these supports could challenge the broader outlook, making them essential to watch for traders and investors alike.
XRP Update! 📈
— CasiTrades 🔥 (@CasiTrades) December 18, 2024
I believe #XRP is still in early W3. I know price action has been quiet, but the bullish structure remains valid!
Support Levels to Watch 👀
On the 4-hour RSI, there’s still a bit of room to reach the support trendline. 🚨Testing our key support levels at $2.53… pic.twitter.com/UyRaINyhdU
Additionally, the 4-hour Relative Strength Index (RSI) suggests the possibility of further downside toward these support levels. This alignment between RSI behavior and price action underscores the importance of these zones in preserving the bullish structure.
Wave 3 Confirmation and Price Targets
For XRP to validate its Wave 3 continuation, it must break above the previous local high of $2.90. According to CasiTrades, this breakout would signal the next leg in the bullish cycle, propelling XRP toward significant Fibonacci-based targets.
The initial target lies at $3.23, derived from the 1.618 Fibonacci extension. Beyond that, higher targets include $3.81 (2.618 extension), $4.40 (3.618 extension), and $4.98 (4.618 extension). These levels provide a strategic roadmap for XRP’s potential upward journey.
Also Read: Ripple Case Fallout: JW Verret Warns SEC’s Crypto Crackdown Could Backfire
Broader Market Perspective
CasiTrades advises traders to maintain a long-term perspective by focusing on the 4-hour chart. While short-term price movements may seem erratic, they are consistent with the natural ebb and flow of Elliott Wave patterns. Smaller subwaves often exhibit volatility, but the overarching bullish structure remains intact as long as key support levels hold firm.
This technical outlook reiterates the importance of a disciplined approach, allowing traders to capitalize on XRP’s potential without overreacting to minor fluctuations.
As XRP navigates its critical support levels and eyes a breakout above $2.90, all eyes will be on whether the asset can fulfill its Wave 3 potential, marking new milestones in its bullish trajectory.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
