XRP News Today: XRP Bullish Rebound Targets 118% Fibonacci Retracement

As the crypto market approaches the weekend, traders are closely monitoring XRP following a detailed analysis by CasiTrades. The analysis highlights a specific scalp trade setup for XRP, emphasizing the significance of current Fibonacci levels in presenting a short-term trading opportunity for traders aiming for quick, defined profits.

XRP has shown a bullish reaction after completing its 0.5 Fibonacci extension correction, setting the stage for an intraday trading play that has garnered attention in trading circles. According to CasiTrades, XRP has reached the 0.5 extension level of its recent corrective move at $2.135, indicating early signs of a bullish rebound. The focus now shifts to the 0.118 Fibonacci retracement at $2.196, identified as the ideal entry point for a scalp trade.

The proposed strategy involves entering the trade at $2.20, with a target take-profit zone at the 0.236 Fibonacci resistance level of $2.253. A tight stop-loss is set at $2.13, just below the recent swing low. This approach aims for low-risk trades with a high probability of success, focusing on conservative profits without relying on a complete market turnaround. It is designed for traders who want to capitalize on short-term relief moves without exposing themselves to broader market volatility.

Scalp trading, which involves capturing small, precise price movements within a defined technical range, is highlighted as a valid strategy for both leveraged and spot entries. In the current market context, XRP’s ability to hold above the $2.135 zone is crucial. If this level continues to act as support, it increases the likelihood of the relief move to $2.253 unfolding as projected. However, if the price breaks below $2.13, the setup becomes invalid, and traders would need to identify lower macro support levels for the next potential trade opportunity. This disciplined approach underscores the importance of trading within clear parameters, especially in a fast-moving, sentiment-driven asset like XRP.

Beyond the specifics of today’s scalp setup, XRP’s recent price action reflects a broader phase of technical recalibration. After a recent surge, the asset is undergoing a normal correction, with traders and analysts closely monitoring key Fibonacci levels to assess support strength and potential for renewed growth. The weekend often brings lighter trading volumes, which can amplify both volatility and opportunity. For scalp traders, this environment can be rewarding if approached with caution and precision. CasiTrades’ outlined parameters offer a roadmap for engaging with XRP’s short-term moves without falling prey to the common pitfalls of emotional or undisciplined trading.