XRP Needs To Defend $2.98 Support To Avoid Deeper Correction – Details

XRP has failed to maintain bullish momentum after pushing as high as $3.13 during the ￰0￱ the time of writing, XRP is trading around $3.00 and testing its resilience above this level after sliding alongside ￰1￱ resulting price action is a defining moment for XRP’s short-term trend, according to technical analysis, and crypto analyst CasiTrades has pointed out a decisive support level that could determine whether the bullish structure remains ￰2￱ Reading: Bitcoin Is ‘Digital Capital’ That Outpaces Traditional Assets—Michael Saylor XRP Tests $2.98 Support Zone Taking to the social media platform X, crypto analyst CasiTrades highlighted an important support level that XRP must hold in order to continue its bullish ￰3￱ to CasiTrades, XRP’s most immediate challenge is at the $2.98 support ￰4￱ analyst’s technical analysis outlines an Elliott Wave formation now unfolding into an ABC corrective ￰5￱ analysis unfolds XRP’s price action since the beginning of September into Elliot Waves and suggests that XRP is now playing out Wave 4, which is a corrective wave divided into an ABC ￰6￱ XRP is still holding above $2.98, momentum indicators such as the RSI on both the one-hour and four-hour timeframes show no bullish divergence, often a necessary condition for ￰7￱ puts the $2.98 level in the spotlight, and a break below it could increase the likelihood of further downside ￰8￱ analysis highlights the possibility of corrective Wave C extending below $2.98 towards Fibonacci retracement levels near the low $2.90s.

The measured C wave extension points to the 0.618 Fib retracement, which is around $2.92 and $2.94. Interestingly, the 15-minute chart does reveal a short-term bullish divergence, offering a small window for relief bounces. However, without confirmation on the higher timeframes, such reactions are likely to remain ￰9￱ broader outlook, as outlined by the analyst, still leans toward the probability of another downward wave unless buyers step in strongly at $2.98 to restore confidence and preserve the larger bullish ￰10￱ Image From X: CasiTrades Implications If XRP Holds Above $2.98 If buyers manage to hold above $2.98, XRP could stabilize and enter a consolidation phase that will create a foundation for the next leg ￰11￱ consolidation would give the XRP price the breathing room it needs for an eventual upward attempt, one that would mark the beginning of an impulse Wave 5 formation within the Elliott Wave ￰12￱ this scenario, a decisive push through the $3.10 level becomes the first hurdle, and breaking it would confirm that bullish momentum is once again in ￰13￱ XRP successfully clear $3.10 with volume and follow-through, the next target identified by the analyst is another resistance at $3.25.

A sustained bullish momentum beyond this point could carry the price toward the next resistance at $3.44. Related Reading: Is XRP Ready For Its Most Powerful Rally Yet? Analysts See $20 Ahead At the time of writing, XRP is trading at $3.01, down by 2.8% in a seven-day ￰14￱ the bullish wave structure and holding above $2.98 at this point is essential to avoid the corrective pattern turning into a deeper ￰15￱ image from Unsplash, chart from TradingView