Ripple’s (XRP) price briefly fell to $2.03 on Thursday, which is considered a crucial support level according to analyst CasiTrades. After the drop, XRP saw a modest recovery that did not alter the overall outlook for the cryptocurrency flow.

XRP’s Climb off Key Fibonacci Level

The asset rebounded from this critical 0.5 Fibonacci support and reached above $2.12. Signals from the RSI support trendline suggest a potential short-term bounce back to $2.26 might occur. Despite the current market volatility, a return to higher prices is still feasible.

CasiTrades emphasized that $2.03 could mark the final low of this wave 2 correction, especially if Bitcoin approaches its own support at $88,000.

However, there is also a risk of XRP dropping below the $2.03 mark, potentially leading to a further decline toward the 0.618 level at $1.65. This could trigger a bounce around $1.84 before testing $2.00 as a resistance level and subsequently falling to $1.65.

Under such circumstances, Bitcoin may continue its descent toward the 0.382 retracement at $80,000. Nonetheless, the broader trend structure appears intact, with a potential Wave 3 for XRP beginning soon.

Growth in XRP ETF Offerings

In institutional developments, Bitwise Asset Management has announced the launch of a new spot ETF tracking XRP, set to commence trading on the New York Stock Exchange. This follows the launch of Canary Capital’s XRPC ETF, which saw nearly $250 million in inflows on its first day of trading. Despite its initial success, the momentum has slowed this week; the total inflow now exceeds $292 million.

Franklin Templeton’s EZRP ETF also entered the market recently, contributing further to the expanding availability of XRP-focused funds.