TLDR
- CEO Christopher Inks believes XRP is at a critical turning point in its recovery.
- XRP has shown positive signs after reclaiming its monthly pivot at $2.962.
- Inks identifies $3.38 as a key resistance level for XRP to confirm the end of its correction.
- If XRP closes above $3.38, it could signal a shift toward a bullish trend.
- Analysts are monitoring Fibonacci levels for further potential breakout points for XRP.
XRP has recently shown signs of recovery after dipping to around $2.70 nearly two weeks ago. The cryptocurrency has risen above the $3 mark, but traders are still uncertain about its next move. Market analysts have identified key price levels to watch that could determine whether the correction has truly ended.
XRP Faces Crucial Test at $3.38, Says CEO of TWC
Christopher Inks, CEO of TWC, believes XRP price is at a critical juncture. He spoke with Scott Melker, host of The Wolf of All Streets, about XRP’s current position. Inks highlighted that XRP has been trading within a wide range since July, bouncing between support near $2.70 and resistance around the low $3s.
According to Inks, the recent dip to $2.70 could act as a spring, leading to re-accumulation. XRP has since reclaimed its monthly pivot at $2.962, a positive signal for a potential recovery. Inks pointed out that XRP will face its true test at $3.3825, a level that aligns with the descending resistance seen since July’s peak.
“If XRP can close and hold above $3.3825, it will confirm that the correction has ended,” Inks said. He further explained that if this occurs, the mid-range Fibonacci cluster between $3.35 and $3.43 would likely flip into support. This would be a strong signal that XRP is on a path toward a higher target.
Momentum Builds for XRP, Analysts Eye Breakout
Another analyst, Casi, shared a similar outlook on XRP’s potential. She noted that XRP has broken out of its months-long consolidation phase. The cryptocurrency is now attempting to hold the $3 level as support, with several attempts at breaking resistance in recent days.
Casi observed that XRP has pulled back slightly after testing resistance but continues to show signs of strength. She pointed out that the relative strength index (RSI) on the daily chart is rising, with its moving average holding as support. According to Casi, this buildup of strength often precedes a strong breakout.
“Once XRP clears $3 decisively, it should aim for higher levels, with $3.08 and $3.27 as the next key targets,” Casi explained. She also referred to important Fibonacci levels in her analysis. The 0.382 retracement at $3.00 has turned into support, while the 0.236 retracement near $3.25 remains a resistance point.
Key Levels to Watch as XRP Price Targets $4.50
Looking beyond the immediate short-term, Casi expects XRP to continue its upward trajectory. She believes that XRP’s larger Fibonacci extensions could drive it toward the $4.50 mark. The analyst also highlighted that $3.66, the previous high attained during the July rally, will likely act as a significant resistance level.
As XRP pushes higher, breaking the $3.66 level would be a critical milestone. If this occurs, XRP would then target $3.94 and $4.27 before moving toward $4.50. According to Casi, the key to confirming a sustained upward move lies in successfully surpassing these levels.
The ongoing recovery of XRP shows promise, but traders remain focused on critical price points. Whether the correction has ended or more sideways action lies ahead depends on XRP’s ability to clear the resistance at $3.38 and above. The coming days will be crucial for determining XRP’s next direction, and all eyes will be on the price levels Inks and Casi have identified.
