XRP Price Hinges on $1.30 Break as Buy Signal Emerges

XRP's price has been under pressure after strong US economic data led to concerns that interest rates might stay high. The token dropped from around $1.18 to nearly $1.10, but found support and bounced back to around $1.12. Currently, XRP is trading near $1.11 with a 2% decline on the day.

Crypto analyst CasiTrades observed that XRP is still holding onto a key support zone near the 0.786 Fibonacci level at $1.09. She noted that the ABC correction pattern remains in place, and the B-wave correction pushed deeper into the local 0.618 retracement level.

CasiTrades predicted three possible outcomes for XRP's price action: a standard ABC correction sending the token toward $1.24, a more complex ABCDE consolidation pattern limiting relief rallies to around $1.18, or a clean break above the big $1.30 resistance zone.

If XRP fails to break through, analysts think the risk of a drop toward $0.90 remains on the table. However, analyst Ali Martinez pointed out that the Tom DeMark Sequential indicator has flashed a buy signal on XRP, anticipating a potential rebound.