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XRP Price Marks $2.13 And $2.92 As Primary Fibonacci Levels, What Happens When Wave 2 Begins?
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XRP Price Marks $2.13 And $2.92 As Primary Fibonacci Levels, What Happens When Wave 2 Begins?

Scott Matherson
Scott Matherson
6 months ago
3 mins read
XRP Price Nears $0.60

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Technical analysis of the XRP price has revealed the creation of corrective waves in light of the recent correction since December 3. Particularly, the cryptocurrency is now trading between crucial Fibonacci levels that could be correcting for a while longer. With the aid of these Fibonacci levels, crypto analyst Dark Defender shared insights on social media platform X, highlighting the $2.13 and $2.92 price ranges as pivotal for the XRP price. 

XRP Tests Fibonacci Levels Amid Market Correction

According to the XRP chart below, which was first highlighted on social media platform X by crypto analyst Dark Defender, the XRP price rally earlier in the month saw it peaking around $2.92 on crypto exchange Binance, which also aligned with the 261.80% Fibonacci extension level. This impressive high, however, was short-lived as the token faced a correction that brought its price down to a support at $2.17. Notably, this support is also just above the 161.80% Fibonacci extension level at $2.13, which is now a critical point for the XRP price going forward.

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With this in mind, Dark Defender noted that both $2.92 and $2.17 are the most important price levels to watch right now. The rebound from $2.17 suggests that the correction may be bottoming out, with his analysis pointing to a transition into Wave B in the daily time frame.

XRP Price
Source: X

What To Expect During Wave B

Speaking of Wave B, this analysis is based off of a three-corrective-wave pattern. This pattern, comprising three distinct phases, Waves A, B, and C, has played out repeatedly during XRP’s price rally. Within this structure, Waves A and C represent downward trends, while Wave B reflects an upward move. If this corrective model were to repeat itself, the XRP price could experience a climb to $2.92, corresponding to the 261.80% Fibonacci extension level, before another downward trend potentially leads it back to retest support at $2.13, the 161.80% Fibonacci extension level.

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As Dark Defender noted, it might take a couple of days to get rid of this structure. This means that the XRP price could continue to trade between these levels before any decisive move either upwards or downwards.

Recent market factors suggest a break to the upside, which would send the XRP price on a resumption of breaking into new multi-year highs. At the time of writing, the XRP price is trading at $2.37, having increased by 2.9% in the past 24 hours. 

One factor contributing to this optimism is the nomination of Paul Atkins by President-elect Donald Trump to lead the SEC. Atkins is widely regarded as crypto-friendly, and his potential leadership could mark the end of the longstanding SEC-Ripple legal feud. Such a resolution would likely invite significant institutional and retail inflows into the XRP ecosystem.

XRP price chart from Tradingview.com
Price struggles at $2.3 | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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