"Rebound Over"...XRP, Blocked at $1.39, Warned to Fall to $0.86

▲ XRP

XRP is facing renewed downward pressure after failing to sustain its recent rebound, raising the possibility of a sharp short-term decline.

According to reports from a virtual asset specialized media on April 9 (local time), XRP rose to $1.39 on the 7th but gave back its gains due to strong selling pressure. The market largely views this movement as a temporary rebound within a downtrend, rather than a trend reversal.

Market analyst CasiTrades noted that XRP encountered resistance near $1.39, which is the 0.618 Fibonacci retracement level. He interpreted this as a signal of the end of the second wave rebound within a downtrend, suggesting the possibility of a full-scale third wave of decline. Currently, XRP is trading around $1.33, down approximately 4.3% from its peak.

A short-term target range of $1.085 has been suggested. This corresponds to the 0.786 Fibonacci extension level, which is approximately 18% lower than the current price. There is also a forecast that further declines to $0.86 could occur if the bearish trend continues. However, there is also a possibility of a fourth wave formation, where a temporary rebound between $1.085 and $1.20 could occur during the decline.

Unlike the short-term outlook, long-term perspectives are divided. CasiTrades believes that a strong rally could resume after the correction, setting a long-term target price of $6. Another analyst, Dark Defender, mentioned the possibility of a bottom formation around $1.30, emphasizing potential for further upside based on a Golden Cross in the Relative Strength Index (RSI) and a breakout of the downtrend line.

Currently, the XRP market is in a situation where short-term correction phases and long-term upward expectations are conflicting. The key variable is whether the $1.30 support line will be maintained, with analysis suggesting that the future direction is likely to be determined around this level.

*Disclaimer: This article is for investment reference only and does not take responsibility for investment losses based on it. The content should be interpreted for informational purposes only.*