Eseandre Mordi
⬤ XRP reached a key barrier in the last trading sessions stopping at the 0.5 Fibonacci retracement mark that most traders treat as the line between continuation and failure. The token now trades near $2.21 after a sharp rebound from lows close to $1.90 and the four hour chart shows the first steady signs of renewed upward pressure.
⬤ The rebound has already carried XRP through multiple Fibonacci layers left behind during the recent slide. At present the price is pressing against the 0.5 retracement band that runs from $2.20 to $2.23; a clear close above that band would point straight toward $2.30. On the downside the 0.382 retracement at $2.11 must stay intact if the bounce is to remain valid. An RSI of 68 confirms the visual picture - buying interest is returning plus the swings are turning more directional.
⬤ Yet the broader backdrop is still fragile. The present up move is only a small part of a larger pattern drawn by earlier breakdown points and by ceilings that have not been reclaimed. The lift began in the lower Fibonacci zone between $1.86 and $1.95 but also although turnover is rising together with the firmer RSI, XRP is merely regaining balance before any larger advance.
⬤ The next step will hinge heavily on Bitcoin, which is parked just under $88 300 and has not yet managed a decisive breakout. Should Bitcoin finally push through or slip back, XRP will probably mirror the move, either staying above $2.11 or challenging $2.30. With momentum returning, critical retracements in view besides Bitcoin's shadow overhead, XRP now stands at a junction that is likely to decide its near term path.
Eseandre Mordi
