XRP just dipped below $3, but the market doesn’t seem as pessimistic as it appears. The price has fallen to the Fibonacci 0.382 level at $2.96, an important support area. The candle at $2.94, combined with the wave target of 0.618, quickly reversed and reclaimed the $2.96 level. This rapid recovery is a typical phenomenon often observed when the market hits a bottom.

According to market analyst Casi Trades, the current situation may open the door for XRP to stabilize and reach for higher targets, with a price like $4.80 already in sight.

XRP Holds Steady at $2.96

The latest price movement of XRP has accurately reflected what technical analysts have been waiting for. The RSI (Relative Strength Index) further supports the hypothesis of a bottom. RSI has shown positive divergence on both the 15-minute and 1-hour charts.

While the price is declining, the RSI indicates a shorter bottom, signaling that the reversal momentum is shifting in favor of buyers. Combined with the clear 5-wave structure on the chart, Casi Trades believes this confirms that XRP has completed its corrective phase.

The analyst explains that the drop to $2.96, along with the immediate recovery, indicates that the market is "looking for a bottom and XRP has achieved that." The combination of Fibonacci levels, divergence signals, and clean wave structure makes this support area one of the most significant in the current cycle.

Optimistic Outlook and Price Targets

Now that XRP has reached and held the $2.96 support level, traders are focusing on the next phase. Casi Trades notes that XRP may fluctuate around this level or test it again, but maintaining this level has been a positive sign.

Market analysts predict that large-cap cryptocurrencies, including XRP, will lead the next bullish wave. With confirmed support levels, attention is now shifting to optimistic targets. The largest target mentioned is $4.80, but the analyst believes that upward momentum could push XRP even higher if conditions remain favorable.

This optimistic outlook is not only due to XRP's chart but also to the broader market conditions. Large-cap stocks often move in the same direction when market sentiment improves, and XRP's stability at $2.96 is a strong signal. "From these low support levels in the market, I expect things to get exciting and optimistic," Casi Trades comments.

If the strong upward momentum continues, XRP's recovery from this support zone could mark the beginning of a strong bullish rally.

Currently, all attention is focused on the $2.96 level. As long as XRP maintains this level, the possibility of an optimistic bullish trend remains very high. The market is showing signs that prices will rise higher, possibly immediately or after a short accumulation period. With potential price increases up to $4.80 and beyond, the sharp drop of XRP might just be the first step for the next significant rally.

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