XRP is trading at $1.09 on Coinbase, testing a major macro support at the 0.786 Fibonacci level. The daily timeframe confirms the support is holding for now, and the next few days are set to determine the cryptocurrency's long-term direction.
The 0.786 Fibonacci Level
In technical analysis, the 0.786 retracement is considered a deep support zone. For XRP, holding above this line is crucial. If it holds, traders see potential for a double-bottom formation, which could fuel a rally. Primary resistance levels sit at $1.19 and $1.27; if the price stays capped there, the current correction remains active.
What a Breakdown Would Mean
A failure to hold $1.09 could trigger a drop toward $0.90, which corresponds to the 0.854 Fibonacci level. A further decline could reach $0.80. Such a move would confirm the correction has further room and likely push any recovery further out.
The Bullish Case
If the support holds, the first bullish signal would be a monthly close above $1.40. That would suggest the recent bottom near $1.05 is intact. Reclaiming $1.61 to $1.65 would signal a stronger recovery, and moving above $1.70 would confirm a momentum shift. Each of these levels builds on the last, so the path to a rally starts at $1.40.
For now, the market is watching the $1.09 line. Whether it holds or breaks will set the tone for the weeks ahead. The outcome of the next few days is likely to be decisive.
