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

▲ XRP

XRP has failed to maintain its recent rebound and is once again facing downward pressure, raising the possibility of a short-term sharp decline.

According to reports from a virtual asset specialized media outlet on April 9 (local time), XRP rose to $1.39 on the 7th but was met with strong selling pressure, giving back its gains. 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 around $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-fledged third wave of decline. XRP is currently 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 an additional decline to $0.86 could occur if the bearish trend continues. However, the possibility of a fourth wave formation, with a temporary rebound between $1.085 and $1.20 during the decline, also remains open.

In contrast to the short-term outlook, long-term perspectives are divided. CasiTrades believes that a strong rally could resume after a correction and has set a long-term target price of $6. Another analyst, Dark Defender, mentioned the possibility of a bottom formation around $1.30 and emphasized further upside potential based on an RSI golden cross and a breakout of the downtrend line.

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

*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.*