Ripple is approaching a critical decision point in its price trajectory, according to an analysis shared by Pro_Trader_Edge.
The cryptocurrency, which has seen volatility in recent months, appears poised for a potential rally, though the timing and strength of such a move depend on how price reacts at key support levels.
Scenario One: XRP Strong Support at $2.00-$1.90
The more optimistic outlook suggests XRP price will find strong buying interest at the psychologically important $2.00-$1.90 zone. This area coincides with a trendline that has supported previous price movements.
The analyst notes that a bounce from this region would likely follow the green wave structure pattern, forming an ABC correction before resuming its upward trajectory.
“The more bullish scenario is bouncing from the support level and trendline around the psychological level at $2.00-$1.90,” states Pro_Trader_Edge in their recent post.
Scenario Two: XRP Deeper Correction to $1.60
Should the $2.00-$1.90 support zone fail to hold, XRP price may extend its correction to the next major demand zone near $1.60. This level is particularly significant as it aligns with two powerful technical indicators: the 200-day moving average and the 0.618 Fibonacci retracement level.
Technical analysts often view the convergence of multiple indicators at a single price point as strengthening that level’s importance.
A bounce from the $1.60 region would follow what Pro_Trader_Edge describes as the blue wave structure, potentially setting up for another attempt at higher prices after this deeper correction plays out.
Read Also: Can Ripple (XRP) Spike to $5 Following President Trump’s Crypto Announcement?
Stock Market Correlation Remains Important
The analysis emphasizes that broader market conditions will play a crucial role in determining which scenario unfolds.
“All eyes on the stock market this week!” cautions Pro_Trader_Edge. He noted the continued correlation between cryptocurrency price action and traditional equity markets.
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