XRP Price Prediction: Strong Recovery Forms Bottom-Raising Structure

 The XRP price has displayed a strong recovery in recent days, with a clear bottom-raising structure forming on the 4-hour chart.

The XRP price has shown signs of a strong recovery in recent days, with a clear bottom-raising structure forming on the 4-hour chart.

After plunging to a low of 1.6129 on April 6, XRP bounced back convincingly from the 0.382 Fibonacci retracement level of the 2020-2021 rally. This move was fueled by a series of bullish candles, signaling strong short-term momentum.

Despite a brief attempt to break below the 0.382 Fib level on April 7, buyers quickly stepped in to defend this crucial zone.

Moreover, the Relative Strength Index (RSI) has now risen above 50, indicating that buyers have a slight upper hand in the current market structure.

At the time of writing, XRP is trading comfortably above the $2.10 level, which could prove to be a pivotal short-term support if it holds. A break below this zone might invite sellers to step back into the market.

However, traders should approach the $2.15 level with caution. This area served as a high-density trading zone in the past and could act as a formidable resistance.

If trading volume rises as XRP approaches this level but fails to break through convincingly, a pullback or short-term correction might occur.

Volume is often the confirming indicator in these scenarios: a breakout above $2.15 with strong volume could open the door to higher targets, such as the 0.5 Fib level at $2.25 or the 0.618 Fib at $2.40. But rejection with heavy selling pressure might drag XRP back toward the $2.00 or $1.95 support levels.

XRP 4-Hour Chart Summary:

* Technical analysis of the XRP price on the 4-hour chart.

* A triple bottom pattern has formed at the 0.382 Fib level, offering support.

* Breakout point: $2.15.

* Pivotal support level: $2.10.

* Resistance levels to watch: $2.15 and the 0.5 Fib level at $2.25.