Analysts Say the Macro Bottom Is In

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XRP’s test of the macro 0.5 Fib at $2.03 may point to a final low.

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Summarize with AI

Summarize with AI

Ripple’s (XRP) climbed above $2.12 on Thursday after briefly plunging to $2.03, the latter being a critical support zone as outlined by analyst CasiTrades, who notes that recent choppy price action before the subsequent modest recovery has not altered the broader outlook for the asset.

According to the analysis, XRP’s latest climb was expected near the anticipated subwave 3 low.

XRP Climbs Off Critical Fib Level

The asset also met its RSI support trendline, which indicated conditions for a possible short-term bounce, and that a move back to $2.26 is still possible. Despite the volatility, the analyst stated that such chop is typical of overlapping Wave 4 structures, and the focus remains on the larger trend.

XRP hovers above the macro 0.5 Fibonacci support at $2.03, which is being described as one of the most significant levels in the ongoing correction. CasiTrades stated that $2.03 could serve as the final low of the entire wave 2 correction, especially if Bitcoin simultaneously reaches its own support at $88,000, thereby creating a strong confluence for a potential macro bottom and the beginning of a larger Wave 3 that could push XRP to new all-time highs.

However, the analysis also outlines an alternate scenario where the altcoin breaks below $2.03 and extends its decline to the macro 0.618 level at $1.65. In that case, the analyst expects a bounce near $1.84, followed by a move back to $2.00 to retest it as resistance before a final drop toward $1.65.

Under this deeper correction path, Bitcoin would likely continue downward toward its macro 0.382 retracement at $80,000. Despite these possibilities, the analyst maintains that the broader structure remains intact and that a macro Wave 3 for XRP could realistically begin within the month.

XRP ETF Lineup Expands

On the institutional side of things, Bitwise Asset Management has confirmed that its new spot exchange-traded fund (ETF) tracking XRP will launch on Thursday under the ticker “XRP.” The fund is scheduled to begin trading on the New York Stock Exchange.

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This follows Canary Capital’s XRPC ETF, which launched on November 13 and attracted almost $250 million in inflows on its opening day. Despite the strong start, XRPC’s momentum slowed this week as it managed to bring its total net inflow to just over $292 million, according to SoSoValue.

Meanwhile, Franklin Templeton’s EZRP also entered the market on November 18, further adding to the growing list of XRP-focused funds. Additional products from 21Shares and CoinShares are expected to debut later this week.

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Source: https://cryptopotato.com/ripples-xrp-hit-2-03-for-a-reason-analysts-say-the-macro-bottom-is-in/