XRP at Crossroads: Critical Support Test Sparks Debate on Bullish Rebound vs. Further Downtrend

Ripple’s XRP tests a critical support level, with the potential for a major bounce or further downside in the cards, according to the latest analysis from the popular Twitter account Egrag Crypto. XRP has revisited the “Bouncy-Bounce” range as previously anticipated. This zone, highlighted in white on the chart, represents a key support area around $0.65.

According to the analyst, the next move from the bulls will be crucial in determining XRP’s near-term trajectory. They face two potential paths forward – either initiate a strong bounce from the current levels to resume the broader uptrend or brace for a revisit of the 0.382 Fibonacci retracement level at around $0.60.

“The next task for the bulls is crucial: they must either initiate a bounce from the current levels or prepare for a potential revisit of the Fib 0.382 level ($0.60), which could manifest as a wick.” Egrag Crypto stated.

While cautioning that a dip to $0.60 could play out as just a brief wick or spike lower, the analyst remains steadfastly bullish on the token’s long-term prospects. Egrag Crypto encourages the “XRP Army” to stay focused on the bigger picture and be prepared for the possibility of the token eventually reaching life-changing double-digit price targets.

XRP’s Price Outlook Amid Volatility

XRP is trading at around $0.6311 and plunged to $0.5958 today during trading, and now all eyes are on the $0.584 level, which had provided the springboard for its rise to its 2024 high of $0.7449.’ When the token price attains this mark, it may rebound toward its high of $0.7440.

XRP could experience further declines if a daily candlestick closes below $0.584. The February low of $0.53 may provide support here. Conversely, the coin will start an upward trajectory towards $0.85 and eventually $1.02 by breaking through the resistance at $0.74.

While near-term volatility is expected, the analyst believes XRP remains positioned to stage a major bull run if it can hold the current support zone. Hodlers are advised to keep emotions in check during minor fluctuations as Ripple’s legal battle with the SEC unfolds.

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