XRP (XRP) Update: A Big Move Could Be Coming!

After testing the .382 Fibonacci retracement level, XRP is consolidating between the .236 support and a key trendline.

XRP price analysis reveals a potential breakout from critical support levels, aiming for a price target of $3.46. After testing the .382 Fibonacci retracement level, XRP is consolidating between the .236 support and a key trendline.

This tightening range, as highlighted by CasiTrades, suggests an upcoming significant price move. The analysis updates the previous extension target, which was XRP’s all-time high of $3.35 on Binance, to a higher price point of $3.46.

A Big Move Could Be Coming! 🚨 XRP Update:

What an exciting day for #XRP! We've seen a solid wave bounce off the .382 support, which was a key level we've been watching. Right now, the price is getting squeezed between the trendline and the .236 support—and when things tighten… pic.twitter.com/NeeblZ4Nug

— CasiTrades ⌐◨-◨ (@CasiTrades) March 15, 2023

XRP Price Analysis: A Closer Look at the ABCDE Correction

Zooming out to a larger timeframe, XRP’s price action reveals a structure that could be tied to the ABCDE correction pattern. While this structure initially failed, it is now regaining importance as the price navigates key levels.

The trendline, which was previously overlooked, is now serving as a crucial resistance line, determining whether XRP will continue upward or encounter resistance at this level. The consolidation near the apex of this pattern suggests an upcoming decision point.

Breaking above this structure would validate a bullish continuation, while failure might lead to a temporary pullback or consolidation phase.

XRP Price Poised to Break All-Time High with $3.46 Target

After XRP price clears the crucial resistance levels, the next significant hurdle is the $3.46 price target, which would surpass XRP’s previous all-time high of $3.35 on Binance.

As the analysis highlights, breaking this resistance is critical for establishing a new bullish trend. However, if XRP fails to sustain momentum above the $3 mark, it risks forming resistance, which could delay upward movement or even lead to short-term declines.

Traders are advised to monitor these levels closely as XRP approaches a pivotal moment in its market cycle.