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Mr.Arshman

06/16 18:03

XRP May Not Retest the $0.90 Support if This Happe

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According to experienced analyst CasiTrades, this recent $XRP development could invalidate the expectations of a deeper decline toward the $0.90 macro support area. The level below $1 has been a long-discussed target, but the strength of the latest recovery is beginning to challenge that outlook.This week, $XRP has increased by nearly 5%, building on the strong momentum from the previous. CasiTrades highlighted that what makes the current rally noteworthy is the strength of the reaction from the macro 0.786 Fibonacci retracement near $1.09. $XRP traded around that level earlier in the month after dropping to an intra-month low of $1.05. However, it has recovered considerably, bouncing 12.8% to its current price of $1.23. The support zone around $1.05-$1.09 has repeatedly attracted buyers, but this latest rebound stands out because of its speed and momentum. $XRP quickly formed a higher low before bouncing from a short-term ascending trendline visible on an accompanying chart. Momentum indicators are also showing improvement. The relative strength index (RSI) has pushed above 80 on the 4-hour timeframe, reflecting the strongest buying pressure seen since April. CasiTrades noted that the recovery from $1.09 has introduced a new scenario in which $XRP may already have bottomed and could start a new uptrend. However, that alone does not confirm the structural shift or invalidate the larger downtrend towards $0.90 yet. The analysis further highlighted $1.30 as the first major resistance zone. $XRP is currently testing this region after the bounce from the 0.786 Fibonacci macro support. According to the chart, this level was a former support that cushioned price weakness earlier in the year before falling below earlier in June. Interestingly, CasiTrades noted that the move has already exceeded what she would typically consider a s
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