The post Fibonacci Support Holds, Eyes $16.50 Target appeared on BitcoinEthereumNews.com.

XRP’s test of .618 Fib level suggests the potential for a significant bullish move. Breaking the $2.38 resistance could trigger XRP’s next impulsive wave upwards. Historical trends suggest XRP could see over 7,200% gains, targeting $111-168. XRP has faced challenges in gaining momentum, but recent developments suggest that the cryptocurrency is now positioned for a potential breakout. After testing the critical 0.618 Fibonacci retracement level, XRP has held strong, showing signs of a bullish divergence on the RSI.  This support level has likely set the stage for the next upward move. The question now is whether XRP can break through resistance and trigger the long-awaited rally. Testing the .618 Fibonacci Level for Support XRP’s price action has been sluggish in recent months, with the market waiting for a key support level to hold. The 0.618 Fibonacci retracement level has now been tested and proven to be crucial for price stability.  This support level is often seen as a strong point where price retracements tend to reverse, making it an important marker for potential bullish moves. Moreover, the confirmation of a bullish RSI divergence at this level reinforces the likelihood of an upward trend, signaling that XRP is ready for its next phase. Breakthrough Resistance at $2.38 Is Critical Looking ahead, XRP’s next significant hurdle lies at the $2.38 resistance level. A successful breakout above this level would mark the start of subwave 3, a phase that typically shows impulsive strength.  However, until this resistance is cleared, XRP remains technically in a consolidation phase (W2/D), with $2.60 being the next major target for the D wave. Hence, traders and investors should monitor the price closely for signs of strength or weakness as XRP approaches this crucial resistance level. Momentum Building Toward a Potential $16.50+ Target Historical analysis of XRP’s previous cycles…

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Filed under: News - @ December 28, 2024 3:25 pm