Crypto
XRP Breaks Below Key Fibonacci Level, Setting Stage for Next Move
XRP has broken below a key Fibonacci level that analyst CasiTrades was monitoring, which changes its near-term price path. The analyst had expected XRP to move toward $1.78 based on a wave-four structure, but the loss of this support level invalidates that setup.
CasiTrades identified the 0.5 Fibonacci retracement as the key level that was broken, which is now near $1.34. The current price is around $1.26, placing it below this level. Unless XRP can reclaim a major resistance area, lower Fibonacci levels will remain relevant.
The analyst sees $1.10 as an important level for determining whether XRP has started a new trend. This zone could also correspond with a potential C-wave target and is marked on the chart near $1.09 to $1.14.