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XRP supports in a confluence of fibonacci supports which could decide whether the rally at the end of 2024 extends or snaps, according to a one -hour table shared on X by independent analysts Casitrades. The token has changed for the last time to $ 2,0995 on Binance when the snapshot was published, down 0.16% on the session, but oscillating only a few hundred above the retracement of 38.2% of the rally at the end of April.
XRP takes out
Explaining the importance of the current withdrawal, Casitrades wrote: “Momentum begins to resume and XRP falls to one of the most critical support tests that we have seen for weeks.” The graphic anchor its fibonacci grid on the swing high set of $ 2,3622 on April 28 and the bottom of $ 1,6169 printed in April; 7 From this range, the retrace of 38.2% is at $ 2,0775, the reduction of 50% to $ 1,9896 and the level of 61.8% of Golden Ratio to $ 1,9016.
Casitrades highlights the corridor from 38.2 to 50% from $ 2.078 to $ 2.00 as “the key support region”, adding: “This area acted as a pivot point in the past, and this is where we could see the market start to turn if the force returns.”
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Price action since $ 2.36 top is mapped as a manual ABC corrective model. The wave (a) transported the XRP below the retracement of 23.6% to $ 2,1863; The wave (b) tried to retest the supply of general costs, but stalled a little more than the peak; And the active wave (C) is sketched by a magenta arrow pointing directly in the pocket from $ 2.00 to $ 1.90. “We can still see a no more hunting or surprise Targeting the main $ 1.90 before Momentum changes, “warned the analyst, noting that such movements tend to” move quickly, and when it is obvious, the opportunity will probably have disappeared “.
Internally, the momentum is already referring to exhaustion. The one hour RSI sculpted higher successive hollows from the end of April to early May, even if the cash prices fell, forming a clear divergence accentuated by a growing black trend line. The oscillator drifts a little less from handle 40, which suggests that the sales pressure loses strength while prices of prices in support. “Over the lower time, RSI shows signs of exhaustion sales, and the action of prices begins to compress, often a signal that biggest movement is on the horizon, ”observed Casitrades.
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Key resistance targets
Above the market, the levels of fibonacci from a wider swing create an ordered scale of resistance. A crimson band nearly $ 2,2559 marks the retrace of 38.2% of an anterior macro impulse and is reported as “a major support .382” transformed resistance until recovery. Beyond that, the 11.8% line crosses $ 2.2743, the previous peak at $ 2.36 caping the fork in the short term. “On these supports, we are looking for XRP to acquire the strength to exceed $ 2.25, $ 2.68, and beyond,” the analyst told subscribers, adding: “It’s time to be alert!”
In the commentary thread, the merchants discussed the question of whether Bitcoin and Wednesday federal reserve decision could deliver the last leg below. “I think that too … Ideally, support tests encounter extreme strength and impressive recovery,” replied Casitrades. When he was asked where he would initiate a long, he recommended an approach on a scale: “Ideally, you would make a scale, $ 2.08, $ 2.00 and $ 1.90 – The waves are pointed at $ 2.00 like the highest probable pivot support.”
At the time of the press, XRP exchanged $ 2.14.
Star image created with dall.e, tradingView.com graphic