The post Analyst Predicts XRP Price Rally Above $3, But First a Downward Move Below $2 appeared on BitcoinEthereumNews.com.

XRP price began May with a retest of a key support level, but an analyst is eyeing this as a precursor of a bullish rally.  Notably, XRP price is currently trading at $2.21, reacting to a recent rejection at the $2.25 resistance area. At press time, XRP price trading at $2.20, a 0.02% surge in the last day and a 4% increase over the past 30 days.  Despite the rejection, a crypto analyst has forecasted a bullish outlook, noting that the rejection is prepping the XRP price for a breakout.  XRP Short-Term Correction Hints at Bullish Breakout According to crypto analyst CasiTrades, on the 4-hour chart, XRP has entered an Elliott Wave correction phase following a failed breakout above $2.25. After breaking above its long-term downtrend in early April, XRP formed a short impulse wave to around $2.27. 🚨May Begins with a Critical Back-test — XRP’s Next Move Could Sooner Than Many Realize! It’s May 1, and a new month is here with #XRP coming right up against one of the most important structural levels on the chart – $2.25- After failing to hold above that level, $XRP has… pic.twitter.com/i8N4oTVYNX — CasiTrades 🔥 (@CasiTrades) May 1, 2025 What followed was an ABC corrective wave structure that continues to unfold. The first leg, representing Wave A, triggered a downward move to $2.0157. After this, a minor rebound in the form of Wave B emerged, pushing XRP price to the $2.2743 zone. Meanwhile, current price movement suggests a developing C wave that may complete between $1.90 and $1.95. According to CasiTrade, Fibonacci retracement levels are supporting this, with $1.9016 aligning with the 0.618 retracement level—a zone often associated with major support. RSI on the same timeframe has held above oversold levels and is forming a bullish divergence, where price made a lower…

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Filed under: News - @ May 2, 2025 5:22 pm