Ah, dear reader, the tale of XRP unfolds like a tragicomedy, where our protagonist has managed to slip above the descending trendline that has thwarted every rally since the frosty days of February. Yet, as the astute market technician CasiTrades observes, this apparent breakout may merely be a prelude to a dramatic shake-out. The four-hour Binance chart reveals the token languishing around $2.32, just a heartbeat away from relinquishing its hard-won gains, should the leverage forces decide to unwind. How poetic! 🎭
In the grand theater of Elliott-wave analysis, Casi paints a picture where the advance from January to June completed a wave (1) at approximately $2.70, only to correct to $2.02 at the 1.236 Fibonacci extension, sketching wave (2) against the wedge’s base. The new thrust above resistance, she argues, could herald the birth of wave (3). Yet, the funding dynamics cast a shadow over this bullish narrative. “We’re merely days away from the apex of XRP’s macro consolidation,” she muses, “while funding quietly climbs. A dangerous combo indeed!”
As the clock ticks, the eight-hour funding rates have already reached a modest 0.01 percent. Casi warns that should they expand to 0.02 percent without a decisive price march, algorithms will be on the hunt for liquidity lurking beneath the $2.25 mark. “As of this morning, funding rates are ticking up to 0.01%/8h without any meaningful breakout attempt,” she explains, as if narrating a suspenseful novel.
“If we start to reach 0.02% or higher with no movement, it signals a high probability of a liquidity sweep to the downside.” Such a flush, she cautions, could drag XRP through the reclaimed breakout level, exposing the depths of $2.01, $1.90, and potentially $1.55. “That puts $2.01, $1.90, and even $1.55 in play if $2.25 fails,” she warns, adding that this capitulation might just generate the momentum needed for a powerful wave 3 breakout. How thrilling! 🎢
The momentum backdrop remains as ambivalent as a character in a Turgenev novel. The fourteen-period RSI hovers near 62.5, yet registers lower peaks while the price edges upward, hinting at a bearish divergence that often accompanies volatility spikes. Still, the break above the black trendline cannot be ignored: if sellers fail to reclaim that line swiftly, Casi’s projection of wave (3) targets $3.77 via the classic 1.618 external Fibonacci extension, with an even larger objective above $4.40 later this summer. What a summer it promises to be!
Casi bluntly summarizes the juncture: “Volatility is nearly inevitable. Whether it’s one last dip or a significant breakout, the next move is likely to define the rest of the summer.”
Thus, traders find themselves at a crossroads. Will rising funding catalyze a liquidity sweep toward $1.55 before catapulting XRP higher? Or will the token consolidate above $2.25, transforming the nascent breakout into a springboard toward $2.69, the barrier near $3.04, and eventually the $3.77 wave (3) objective? The suspense is palpable!
At press time, XRP traded at $2.25, a figure that may soon be a mere footnote in this unfolding drama.
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2025-06-12 14:11