XRP Rebounds from $2.03 Support as Analysts Eye Macro Bottom

XRP’s recent price action saw the cryptocurrency briefly plunge to $2.03 before climbing back above $2.12 on Thursday, according to technical analyst CasiTrades. The $2.03 level represents the macro 0.5 Fibonacci support, which analysts describe as one of the most significant levels in the ongoing correction. This critical support zone had been identified as a potential turning point for the asset, with recent choppy price action not altering the broader outlook despite the volatility.

The analyst noted that XRP’s latest climb occurred near the anticipated subwave 3 low, with the asset also meeting its RSI support trendline. This technical confluence indicated conditions for a possible short-term bounce, suggesting that a move back to $2.26 remains feasible. According to CasiTrades, such volatility is typical of overlapping Wave 4 structures, emphasizing that the focus should remain on the larger trend rather than short-term fluctuations.

The $2.03 level could serve as the final low of the entire wave 2 correction, particularly if Bitcoin simultaneously reaches its own support at $88,000. This scenario would create strong confluence for a potential macro bottom and the beginning of a larger Wave 3 that could push XRP to new all-time highs. The analysis maintains that the broader structure remains intact, with a macro Wave 3 for XRP potentially beginning within the month.

While the primary scenario suggests $2.03 could mark the bottom, CasiTrades outlines an alternative path where XRP breaks below this critical support. In this case, the altcoin could extend its decline to the macro 0.618 Fibonacci level at $1.65. Under this deeper correction scenario, 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.

The analysis highlights the strong correlation between XRP and Bitcoin, noting that under the deeper correction path, Bitcoin would likely continue downward toward its macro 0.382 retracement at $80,000. This interconnected movement underscores the importance of monitoring Bitcoin’s price action when assessing XRP’s potential trajectory. Despite these alternative possibilities, the analyst maintains confidence in the broader structural integrity of XRP’s price pattern.

On the institutional front, Bitwise Asset Management confirmed that its new spot exchange-traded fund tracking XRP will launch on Thursday under the ticker ‘XRP,’ scheduled to begin trading on the New York Stock Exchange. This development follows Canary Capital’s XRPC ETF, which launched on November 13 and attracted almost $250 million in inflows on its opening day. According to SoSoValue data, XRPC’s momentum slowed this week, bringing its total net inflow to just over $292 million.

Franklin Templeton’s EZRP also entered the market on November 18, further expanding the lineup of XRP-focused funds. The institutional interest continues to grow with additional products from 21Shares and CoinShares expected to debut later this week. This rapid expansion of XRP-focused investment vehicles signals strengthening institutional confidence in the cryptocurrency’s long-term prospects and represents a significant step toward mainstream financial adoption.