Expert Says XRP Outperforming Bitcoin, Must Hold This Support for Elliot Wave 3 Push to $5.4
Top analyst CasiTrades has identified key areas for XRP amid the recent downtrend while highlighting its resilience compared to Bitcoin.
In an August 25 X post, she noted that XRP has held its own compared to Bitcoin, as the latter fell to a new price low yesterday. For context, the crypto firstborn dumped below $110,000 on Monday for the first time since July, as it broke below the $112,000 support level.
The analyst emphasized that this further spells trouble for Bitcoin, as its next support lies at the macro 0.383 Fibonacci support at $88,000. However, this is not the case for XRP, which has clearly performed differently in comparison to the largest cryptocurrency by market cap.
XRP Analysis/CasiTrades
The crypto analyst noted that XRP must hold this support if it is to regain bullish momentum. She emphasized that trading above the level would set the tone for the start of the third wave of the textbook Elliot Wave pattern.
Confirmation Point and XRP Wave Target
Notably, CasiTrades highlighted the $3.12 price as the confirmation point should XRP resume its northward price drive. She noted that the resistance level would be a major impediment and breaking it would give room for higher prices.
If XRP defies the supply zone, data from her chart shows that wave 3 of the Elliot Wave pattern targets the Fibonacci level at $4.47. Remarkably, this 53% rally from the current market price of $2.92 would mark a new all-time high for XRP.
Meanwhile, the analyst expects the consolidatory wave 4 to spark a retest of the 0.32 Fibonacci level at $3.65 before the fifth and final wave. After the retracement, wave 5 of the Elliot Wave structure will push XRP to $5.4, representing an 85% rally from the current market price.
Remarkably, the chart shows that XRP could go higher to the 1.618 Fibonacci extension at $5.55, further benefiting those who buy the current dip.
Resistance Turns Support for XRP
Another chart analysis further solidifies the optimism among analysts. “CoinsKid” identified in his post today that XRP has flipped a former resistance to support.
Specifically, he identified that the former resistance at $2.59 now serves as a support area for XRP and could provide the cushion required to rebound. The zone was a significant resistance zone for XRP on multiple occasions since December 2024, rejecting higher prices in January, March, and May.
However, XRP broke out in July and has now turned the area into support. A bounce from the zone, if XRP were to retrace that low, would solidify the support and set XRP up for higher prices.
