"If it crosses here, it explodes"...XRP Enters Final Resistance Zone

▲ XRP

An analysis suggests that XRP has entered a critical turning point that will determine its future direction, as it approaches the final resistance zone of a long-term sideways structure.

According to the cryptocurrency specialized media Bitcoinist on April 24 (local time), market analyst CasiTrades analyzed that XRP is currently entering the 'Wave E' phase, the final stage of a multi-wave structure, and is about to test a major resistance level.

According to the analysis, XRP has maintained an Elliott Wave-based converging structure and reached its final correctional phase. Wave E is the last phase of this structure, and it is known as a common pattern for strong directional movements to appear after passing this phase.

The key resistance zone is presented as being between $1.50 and $1.53. This zone is analyzed as an area where the Fibonacci extension 1.618 level and multiple retracement zones overlap, and with the confluence of a downtrend resistance line, strong selling pressure is formed.

In terms of price structure, an uptrend line is maintained, and the lows are gradually rising. This suggests that the upward momentum has not completely broken. However, if the $1.39 support level breaks, the wave structure itself will be invalidated, increasing the possibility of a downward reversal.

Momentum indicators are still in the neutral zone, suggesting a gradual resistance test rather than a rapid rise. In particular, if Bitcoin approaches the $79,000 resistance zone, it is suggested that XRP may also reach its major resistance level at the same time.

A scenario was also presented where if XRP fails to break through the resistance zone, a retracement to the $1.09 to $0.87 range could occur. The current zone is evaluated as a decisive turning point where both upward and downward movements are possible.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*