XRP Price Follows Fibonacci Projection, Hits Key Support at $2.06
In a striking validation of technical analysis, XRP has closely followed the projected wave pattern from March 18, hitting a major Fibonacci level at $2.06 on March 29. This movement confirms a Wave 2 (ABC) correction, aligning with expectations from leading market analysts.
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Wave 5 Completion and the Expected Pullback
On March 19, XRP successfully reached Wave 5, one day after the analysis suggested an upward move. However, as predicted, the rally was unsustainable, leading to a corrective phase. The retracement brought XRP back down to a key Fibonacci level, nearly mirroring the Wave 2 dip forecasted in the March 18 analysis.
Key Support Holding at $2.06
The recent drop aligns with the 23.60% Fibonacci retracement level at $2.06, confirming that XRP is in a correction phase after its recent push to higher levels. This support level is being closely watched by traders as a potential accumulation zone before the next bullish wave.
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What’s Next for XRP?
With technical projections playing out as expected, traders are now eyeing the next impulse wave. If support at $2.06 holds, XRP could gear up for another move towards $2.50-$2.60, as previously suggested in the March 18 forecast. However, failure to hold this level might lead to further corrections.
For now, XRP remains in a crucial technical zone, and investors will be watching for confirmation of a new trend reversal in the coming days.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
