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XRP prices have fallen 4.08% in the past day alongside the majority of the crypto market following the US announcement of a potential 50% tariff on goods being imported from the European Union (EU). Amid this market downturn, popular market analyst CasiTrades has stated that XRP lies in danger of a further decline should a particular support level fail. Related Reading Ethereum Holds Above Key Prices – Data Points To $2,900 Level As Bullish Trigger 1 day ago XRP Must Avoid Crash Below $2.25 – $2.26
As Bitcoin prices reached a new all-time high in the past week, XRP followed suit, reaching as high as $2.45 before experiencing a price rejection driven by negative macroeconomic pressure due to the new international tariffs by the US Government.
In the day, XRP price notably declined by over 5% from $2.45 to $2.33 before finding some stability to enter a sideways movement as seen in the last few hours. According to CasiTrades, XRP’s rejection aligns with a 1:1 Fibonacci extension of the corrective C-wave pattern in the Elliott Wave Theory, signaling the possible exhaustion of the previous relief rally seen earlier in the week.
Source: @CasiTrades on X
Notably, the analyst warns that XRP’s decline may lead to a retest of “major structural support” at the $2.25 – $2.26 price zone, which aligns with the Fibonacci retracement level 0.382. CasiTrades explains that Fib 0.382 has represented a key technical price level over the past six months.
Therefore, a price break below this level could trigger deeper corrections, forcing XRP’s price as low as $1.55 – $1.90, a price move that would wipe out all price gains that have been recorded since the crypto market uptrend resumed in early April. However, if the $2.25 – $2.26 support zone holds, such market resilience could trigger a new price rally to around $2.70 and beyond. Thereafter, XRP is likely to return to the local peak of the current bull run at $3.84. Related Reading Bitcoin Buyers Regain Control – Spot CVD Flashes Bullish Shift Above $110,000 1 day ago XRP Price Overview
At the time of writing, XRP continues to trade at $2.33 following a 1.45% decline in the past week. However, the altcoin is up by 9.77% in the past month, reflecting that the majority of new market entrants are still in profit.
In other positive news, Volatility shareslaunched an XRP futures exchange-traded fund (ETF) on May 22. It is a 1x fund, indicating that it would track the daily performance of XRP futures contracts with no leverage.
With a total market cap of $233.58 billion, XRP remains the 4th largest cryptocurrency and third-largest altcoin in the market. XRP trading at $2.3357 on the daily chart | Source: XRPUSDT chart on Tradingview.com Featured image from iStock, chart from Tradingview