- XRP is testing critical macro support near $1.65 after failing the .5 retracement.
- Short-term relief bounce likely toward $2.00–$2.09 before continuation of downtrend.
- BTC and XRP corrections appear aligned, with a broader market bottom expected soon.
XRP is showing renewed weakness as it moves closer to a key macro support level. On Coinbase, the token broke below its .5 retracement and has now reached the extended Wave 3 support around $1.84. Binance shows a similar pattern, with its macro .5 near $1.88.
Despite a small relief bounce toward $2.00–$2.09, technical indicators suggest further downside is likely. Analyst CasiTrades noted that the final wave of the correction could push the token toward the macro .618 support at $1.65, which is seen as a probable bottom for both Coinbase and Binance markets.
The move aligns closely with Bitcoin, which is approaching its own macro .382 retracement. Once the token hits $1.65 and BTC reaches around $80K, analysts expect the market to flip bullish.
This would mark the end of the current corrective phase, setting the stage for BTC’s Wave 5 and the token’s Macro Wave 3, with altcoins expected to rally alongside Bitcoin but at varied strength due to their positions in the market cycle.
XRP Stays Below Major EMAs, Bearish Structure Intact
The price of XRP is at $1.94, and it is below all significant exponential moving averages, such as 20, 50, 100, and 200 EMA. This indicates support for its present downward movement. The Bollinger Bands are diverging as XRP approaches its lower band, with increased volatility and potential decline.
The RSI reading is at 31, which is nearly oversold, and this may indicate either a pull-back or a sideways move. However, an oversold condition does not necessarily mean a reversal.
The MACD remains bearish with the MACD below its signal line, and both lines are negative. The histogram reveals a small decrease in red bars, although there is not much relief from the bearish conditions at present.
XRP Breaks Multi-Week Support, $2.00–$2.05 Turns Resistance
XRP has fallen below its support level of $2.00-2.05, which has shifted to act as resistance. Looking at selling pressure remaining steadfast, its next supports will be at $1.80 and $1.60, which matches market trends and Bollinger Bands.
To rise higher, re-breaking above $2.05 is crucial, with resistance at $2.25 and $2.43-$2.56, at which points EMA50, EMA100. The next few days will be crucial as all XRP traders watch keenly, with contact with macro .618 support possibly marking the end of the market correction and triggering a market resurgence.
Also Read: XRP Correction Deepens: Why the Market Still Eyes $2.03 and $1.65 Levels
