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Recently, XRP has seen a significant increase in value, reaching a three-year high of $1.27. The token is currently trading at $1.09 Continuous weekly increase of 80% Many investors are thinking whether this marks the beginning of a new bull run.
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However, the experienced analyst is not sure. She warns that XRP has shown upside potential; However, it is likely that a correction will occur before the altcoin can make its next significant move.
XRP hits 3-year high – what’s next?
The recent increase in the price of XRP to $1.26 has piqued the interest of traders, indicating a return of optimism in the market. For the first time in years, an alternative currency It exceeded the $1 thresholdIt is an achievement that many thought was out of reach.
CasiTrades advises caution despite this encouraging trend. She expects the altcoin to see a temporary decline before it can resume its upward trajectory.
XRP is currently trading at $1.09, down approximately 3.5% from its peak over the weekend. This suggests that there may be a short-term slowdown. This decline may indicate that the market is anticipating a more advantageous entry point before attempting to increase the price.
Anticipating the “right entry point”
CasiTrades has identified several critical price levels for potential purchases. It suggests monitoring the 0.382 Fibonacci retracement level at $0.98. The 0.5 level at $0.88 could also be a good opportunity to enter the altcoin before the price heads higher again if the price drops further.
These retracement levels indicate that XRP is currently in a typical situation Consolidation stage After a big rise, providing investors with an opportunity to enter the market before the next big rise.
Although the correction is expected to be temporary, it provides a great opportunity for those who have been hesitant to invest to do so at a better price.
I’m back with an important update on #XRP!
Exciting times ahead, but a reminder to avoid chasing price action. Wait for the bounce to key levels (ABC, W4) and let the market structure confirm your entry.
This is what I see-
Strong confirmation of the lowest levels ✅ with… pic.twitter.com/16mb8ZmTDo— Cassi Trades 🔥 (@CasiTrades) November 18, 2024
XRP: Long-term bullish outlook
CasiTrades remains optimistic about the long-term potential of XRP, despite the expected decline. She believes that the altcoin can achieve significant gains once the market stabilizes and new support levels are established.
A strong bullish outlook is indicated by price targets for XRP, which range from $8 to $13, provided market conditions are consistent.
The analyst said that there is no change in her long-term outlook. “The $8-$13 target is not too far from here,” she added.
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Legal support
Meanwhile, XRP recently received legal support. The Securities and Exchange Commission has been accused of overreach in the cryptocurrency space by 18 US states in lawsuits filed last Thursday.
Although the lawsuits did not explicitly mention XRP, this case has the potential to facilitate the creation of a more supportive regulatory environment for cryptocurrency assets, which will likely be beneficial for Ripple and XRP.
A decline may be imminent in the near future. However, the future of XRP looks promising for those who handle it correctly, given the strong support and growing bullish sentiment.
Featured image from DALL-E, chart from TradingView
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