XRP On Track for $1.90: Analyst Breaks Down the Significance

A cryptocurrency analyst has reaffirmed a positive forecast for XRP, implying that the digital currency’s market movements are progressing precisely as forecasted. The analyst points out that XRP is currently nearing the crucial support level at $1.90, which could indicate a possible bullish rebound if the price can maintain above it.

XRP Targets $1.90 As Significant Reversal Area

Cryptocurrency market specialist CasiTrades thinks that the behavior of XRP’s price is evolving just as anticipated following its recent decline below $2. Based on the chart and analysis shared on X (formerly Twitter), XRP’s retracement towards the $1.90 area is not a weakness, but rather an ideal setup for a potential reversal.

Relevant Reading

The $1.90 mark signifies a significant Fibonacci Retracement area, notably the 0.5 retracement from the overarching correction, which the analyst has been monitoring closely for a potential price response. According to CasiTrades, this area is more than just a coincidental support level—it corresponds with a pattern that the analyst previously detailed in updates.

In earlier reports, CasiTrades monitored specific price movements during XRP’s downturn, such as a rebound from a crucial Fibonacci level, a brief upward fakeout to ensnare tardy buyers, and a final fall back into the support area, where Bullish Divergence could emerge. This specific price pattern seems to be unfolding precisely as foreseen on the XRP price chart. If XRP remains above the $1.90 mark while forming a Bullish Divergence on the Relative Strength Index (RSI), it may confirm a classic bottom setup and potentially indicate the beginning of a fresh impulsive surge.

XRP And Bitcoin Show Synchronized Patterns

CasiTrades’ price chart depicts XRP establishing a Descending Triangle, with its recent dip just entering a high-demand zone marked by past price responses. In accordance with the Elliott Wave Theory, this formation implies the imminent conclusion of Wave 2 with a significant breakout in Wave 3 likely to take shape if the $1.90 support holds. Additional backing from essential Fibonacci levels, like the 0.618 and 2.136 extensions at $2.0 and $2.1, respectively, bolsters XRP’s potential for recovery.

Relevant Reading

Interestingly, the analyst highlights the price movements of Bitcoin mirroring similar behavior—rebounding just beneath its own 0.236 retracement near $97,000, and possibly preparing for a final dip into support. This synchronized pattern between both XRP and BTC adds significant confluence.

CasiTrades emphasizes that this current decline is not a breakdown, but rather a final measured shakeout prior to a larger rally. If both Bitcoin and XRP perform as projected at $0.19 and $97,000 respectively, the analyst posits it could initiate a new bullish phase in the cryptocurrency cycle.

Featured image from Getty Images, chart from Tradingview.com