XRP Price Rebounds Above $2

Speculation over a potential altcoin ETF has fueled fresh buying interest

The price of XRP has risen above $2 again in early trading on Thursday, rebounding to $2.19 after dropping to $1.95 in the U.S. session.

This recovery comes as CME Group announced the launch of Solana futures, which may spark speculation about altcoin ETFs.

XRP's price dropped by 24.4% over the past five days, but the total open interest saw a smaller decline of 19.3%, decreasing from $3.73 billion to $3.01 billion. This indicates that traders are still holding onto their long positions, despite the recent price action.

As XRP price approaches the 0.786 Fibonacci retracement level at $1.94, a strong support area, it could be setting the stage for a deeper decline.

If the bears manage to break through the $2 support level, the next logical level to consider is the 1.618 Fibonacci extension at $0.98, especially if the bearish momentum intensifies.

However, if the buyers manage to defend the $2 level and price moves up, the Fib support at $1.94 might become the last line of defense against the sellers.

Crypto analyst and trader Josh Olszewicz has pointed out a bearish Head and Shoulders (H&S) pattern forming on the daily chart.

This pattern, if confirmed, could signal the end of the uptrend and the start of a deeper correction.

The key level to watch is the neckline at $2. If XRP price drops below this support, the next stop could be $1.94, a Fib level.

And if the selling pressure increases, Fibonacci extensions indicate a possible drop all the way to $1.24.

Olszewicz also highlighted a bearish kumo breakout, which occurs when the price moves out of the Ichimoku Cloud from the bottom, a sign that momentum is decreasing.

“1D XRP: H&S + bearish kumo breakout watch,” he posted on X.

While traders are focusing on short-term moves, a controversial valuation model has surfaced, claiming that XRP could eventually hit $18,000 per coin.

The report, published by Valhill Capital, argues that if Ripple manages to dominate global financial transactions with its technology, the value of XRP could skyrocket to an incredible extent.