XRP Finds Support at $2.96 After Dip Below $3, Eyes $4.80 Rally
XRP price recently plunged below US$3 to the 0.382 Fibonacci retracement level at US$2.96. A quick reversal from a US$2.94 wick to US$2.96 support has been interpreted as a bottom by analyst Casi Trades. The Relative Strength Index (RSI) printed bullish divergence on both 15-minute and 1-hour charts, confirming buyer momentum. Combined with a clear five-wave down structure, this setup suggests XRP may have completed its corrective phase. With US$2.96 now confirmed as strong support, Casi Trades points to upside targets including US$4.80. The broader market trend for large-cap coins is also improving, implying that XRP’s next leg could align with a wider bullish cycle. Traders should monitor whether XRP holds above US$2.96, with a sustained rebound potentially paving the way for a significant rally toward US$4.80.
Bullish
The rapid rebound from the 0.382 Fibonacci retracement at $2.96, accompanied by bullish RSI divergence, is a classic signal of a market bottom. Similar patterns have emerged during past XRP corrections, where RSI divergence preceded significant rallies. Historically, XRP has gained momentum after holding key Fibonacci supports, aligning with broader bullish cycles in the altcoin market. In the short term, traders may see a bounce toward the $4.00 area as buying interest resurges. Longer term, if major caps continue their uptrend, XRP could leverage this support to fuel a sustained rally toward $4.80 and beyond. However, failure to maintain the $2.96 floor could invalidate the bullish outlook.