XRP Faces Critical Support Test at $2.98
- XRP peaked at $3.13 during the week but is now trading around $3.00, testing its resilience above this level.
- Crypto analyst CasiTrades identified the $2.98 support level as crucial for maintaining bullish momentum.
- Technical analysis indicates XRP is in Wave 4 of an Elliott Wave pattern, with potential corrective movement below $2.98.
- Momentum indicators show no bullish divergence on the one-hour and four-hour timeframes, increasing downside risk if support fails.
- A break below $2.98 could see prices extend towards Fibonacci retracement levels between $2.92 and $2.94.
XRP’s current price action is critical as it tests the $2.98 support level, which analysts view as pivotal for sustaining its bullish structure in the short term.
Holding above this level could stabilize XRP and set a foundation for future gains, while a failure may lead to further declines toward key Fibonacci levels.(Source)
