XRP Price Eyes $2.26 as Support Holds Strong Above $2.03 Zone

TLDR

• XRP price surged above $2.12 after briefly dipping to $2.03, a key support level.
• Analyst CasiTrades suggests that the $2.03 level could mark the final low of wave 2 of the correction.
• XRP price could move to $2.26, supported by the RSI trendline and recent price action.
• There is a scenario where XRP price could fall to $1.65 if it breaks below the $2.03 support.
• Institutional ETFs, including Bitwise’s and Franklin Templeton’s, add pressure to XRP’s price movements.

XRP price surged above $2.12 on Thursday after a brief dip to $2.03. The support zone at $2.03 remains a key level for the asset, as outlined by analyst CasiTrades. Despite recent volatility, the broader outlook for XRP remains intact, with expectations of further near-term movements.

XRP Price Faces Key Support Zone at $2.03

The XRP price briefly dropped to $2.03, a crucial support zone, before recovering. CasiTrades noted that this level represents a significant point in the current correction. This support zone is also aligned with the macro 0.5 Fibonacci level, which could act as the final low in the ongoing correction.

The analyst also highlighted that XRP met its RSI support trendline during the recent drop. This suggests that a short-term bounce could be on the horizon. According to CasiTrades, a move back to $2.26 is still possible, though volatility is expected.

Despite the choppy price action, the analyst emphasized that the movement aligns with overlapping Wave 4 structures. These are common in the crypto market, especially during periods of consolidation. The focus remains on the larger trend, which may lead to new highs for XRP.

There is an alternate scenario where XRP price breaks below the $2.03 support. If this happens, the next significant level to watch would be the macro 0.618 Fibonacci level at $1.65. In this case, XRP could see a bounce near $1.84 before testing $2.00 as resistance.

Under this scenario, Bitcoin would likely continue its decline toward $80,000, its macro 0.382 retracement. CasiTrades expects this scenario to play out if XRP fails to maintain its support at $2.03. Despite this possibility, the broader structure still favors a potential Wave 3 for XRP in the near future.

Institutional ETFs Add Pressure to XRP Movement

The launch of new XRP-focused exchange-traded funds (ETFs) could further impact XRP price. Bitwise Asset Management announced its new spot ETF, which will begin trading on Thursday. This ETF, under the ticker “XRP,” will track the performance of the digital asset on the New York Stock Exchange.

This follows the launch of Canary Capital’s XRPC ETF earlier this month, which saw strong inflows on its first day. On November 13, the XRPC ETF attracted nearly $250 million in inflows, but its momentum has slowed in recent days. As of now, the fund has accumulated just over $292 million.

Meanwhile, Franklin Templeton launched its EZRP fund on November 18, adding to the growing number of XRP-focused ETFs. Other firms, such as 21Shares and CoinShares, are also expected to debut products this week. These institutional moves highlight the increasing focus on XRP and its price action.

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