XRP has been on a recent tear, but itโs fueling optimism among analysts! ๐โจ According to market analyst Casi, the pullback could be profitable as long as XRP remains above the $1.94 support level. ๐
After a 9% drop and now trading around $2.26, XRP has been testing the patience of traders. ๐ Casi believes XRP still has bullish potential if it can hold this key support level. ๐
Casi gave his view on December 5, before XRP experienced a significant drop. ๐ The drop coincided with Ripple CEO Brad Garlinghouseโs appearance on โ60 Minutes,โ further increasing interest in XRP. ๐ฅ
XRP briefly fell to $1.96, posting a 14% intraday loss, but is now showing signs of recovery. ๐ฑ If there is a further pullback, it will be important for XRP to hold the $1.94 support to maintain bullish momentum. ๐ช
Casi also outlined two scenarios for XRPโs price action. ๐ The first scenario involves an ABCDE correction pattern, where if it finds support at $2.31, XRP could surge to $3.74. ๐ The second scenario is a deeper correction, but could still lead to the ATH at $3.50 if it hits the right retracement level. ๐ฏ
Technical analysis shows that there is a descending structure, but the RSI indicator is showing a bullish divergence, which could be a sign of buying pressure returning. ๐ So, even though XRP is facing challenges, the analysis suggests that holding key support levels could pave the way for a significant rebound! ๐
