"Breakout if it crosses here"...XRP Enters Final Resistance Zone

▲ XRP (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 prolonged sideways consolidation structure.

According to crypto-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 been following an Elliott Wave-based converging structure and has reached its final corrective stage. Wave E is the last phase of this structure, and it is known that a strong directional movement typically occurs after passing this zone.

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 level of 1.618 and multiple retracement zones overlap, further compounded by a downtrend resistance line, forming strong selling pressure.

In terms of price structure, the uptrend line is maintained, and lows are gradually rising, indicating that bullish momentum has not fully broken. However, if the $1.39 support level breaks, the wave structure itself will be invalidated, increasing the likelihood of a downward reversal.

Momentum indicators are still in a neutral zone, suggesting a gradual resistance test rather than a sharp rise. Particularly, if Bitcoin approaches the $79,000 resistance zone, there is a possibility that XRP will 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 could occur to the $1.09 to $0.87 range. The current zone is considered 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.*