XRP is approaching crucial support levels that could conclude its ongoing correction phase, according to several market analysts. As of April 9, XRP is trading at $1.82, reflecting a 3.2% drop over the past 24 hours and a deeper 12.8% decline over the past week. The 14-day performance has seen a sharper downturn of 26.3%, highlighting the intensity of recent selling pressure. Still, the asset has gained an impressive 193.6% over the past year, prompting technical analysts to closely study its current wave structure for potential signs of a reversal.

Market analyst CasiTrades, known for her Elliott Wave insights, has identified a significant bounce from the $1.55 level—corresponding with the 0.618 Fibonacci retracement. This level aligns with subwave 2 within a broader corrective Wave 2 formation. The recent rebound from this zone suggests it may act as a key support, although the price has yet to confirm the beginning of a new bullish leg.

Currently, XRP hovers near $1.81, a level CasiTrades considers critical. A close below this threshold could signal further downside movement, with $1.71 serving as a possible temporary support before a retest of the $1.55 zone. These two levels are seen as potential candidates to conclude the ongoing corrective phase. The presence of the golden ratio at $1.55 strengthens the argument for a possible bottoming pattern.

Supporting her view, CasiTrades also notes that the Relative Strength Index (RSI) may soon form a bullish divergence, which could serve as additional confirmation of an impending reversal. If this divergence plays out while XRP holds above key Fibonacci zones, it may set the stage for a significant upward move.

Adding to the optimistic outlook, analyst Dr. Cat projects a longer-term price target of $4.50 for XRP. His analysis, based on the 1.618 Fibonacci extension from a previous market drop, suggests strong upside potential even if Bitcoin fails to reach new highs during its current cycle. However, Dr. Cat emphasizes that a two-day candle close below $1.69 would challenge this bullish scenario and may require a reevaluation of the outlook.

Despite recent declines, Dr. Cat believes there is a 50% chance that the current dip marks the bottom of this corrective move. His expectation is driven by XRP’s reaction near support zones and technical momentum indicators, which continue to show signs of recovery.

Market expert EGRAG also contributes to the bullish narrative, identifying a sequence of resistance levels that could define XRP’s next breakout. The first hurdle stands at $2.24, which aligns with the 21-day exponential moving average. A strong close above this level could ignite early bullish momentum, while further resistance levels at $2.30, $2.47, and $2.70 represent key Fibonacci retracement zones. According to EGRAG, surpassing the $2.70 mark would confirm the start of a more powerful upward rally.

Overall, while XRP faces short-term headwinds, the convergence of technical signals and support levels suggests the current correction may be nearing completion. If prices hold above $1.55 and bullish divergence confirms, traders could see a new wave of upward momentum form in the weeks ahead.