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Technical analysis of the XRP price revealed the establishment of corrective waves in light of the recent correction since December 3. In particular, cryptocurrency is now being traded between Critical Fibonacci levels This can be corrected for a longer period. With the help of these Fibonacci levels, cryptocurrency analyst Dark Defender shared insights on social media platform X, highlighting the $2.13 and $2.92 price ranges as pivotal for the XRP price.
XRP is testing Fibonacci levels amid market correction
According to the XRP chart below, Which was highlighted for the first time On social media platform However, this impressive rally was short-lived, as the token faced a correction that took its price down to the support level at $2.17. Notably, this support is also located just above the 161.80% Fibonacci extension level at $2.13, which is now a crucial point for the XRP price going forward.
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With this in mind, Dark Defender noted that both $2.92 and $2.17 are the most important price levels to watch at the moment. A rebound from $2.17 indicates that… The correction may reach the bottomHis analysis indicates a move to wave B on the daily time frame.
What to expect during wave B
Speaking of wave B, this analysis is based on a three-wave corrective pattern. This pattern consists of three distinct phases, namely waves A, B, and C, and has repeatedly appeared during the XRP price rally. Within this structure, waves A and C represent downward trends, while wave B reflects an upward movement. If this corrective pattern repeats itself, the price of XRP may do so Experience going up to $2.92, Corresponding to the 261.80% Fibonacci Extension level, before another downtrend led to a retest of support at $2.13, which is the 161.80% Fibonacci Extension level.
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As Dark Defender noted, it may take a few days to get rid of this build. This means that the price of XRP can continue to trade between these levels before any decisive move either up or down.
Recent market factors I suggest a break to the upsidewhich would send the price of XRP resuming breaching new multi-year highs. At the time of writing, the price of XRP is trading at $2.37, having risen 2.9% over the past 24 hours.
One factor that contributes to this optimism is Nominated by Paul Atkins By President-elect Donald Trump to lead the Securities and Exchange Commission. Atkins is widely viewed as a friend of cryptocurrencies, and his potential leadership could mark an end to the long-running legal feud between the SEC and Ripple. Such a decision would likely lead to significant institutional and retail inflows into the XRP ecosystem.
Featured image created with Dall.E, chart from Tradingview.com