Recently, XRP has experienced a significant increase in value, reaching a three-year peak of $1.27. The token is currently trading at $1.09 on a sustained weekly increase of 80%, and many investors are contemplating whether this marks the beginning of a new bull run.
Nevertheless, a seasoned analyst is uncertain. She cautions that XRP has demonstrated bullish potential; however, it is probable 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 resurgence in market optimism. For the first time in years, the altcoin surpassed the $1 threshold, a feat that many believed was unattainable.
CasiTrades advises caution in spite of this encouraging trend. She anticipates that the altcoin will experience a temporary decline before it can resume its upward trajectory.
XRP is currently trading at $1.09, a decrease of approximately 3.5% from its weekend peak. This suggests that there may be a short-term cooldown. This decline may indicate that the market is anticipating a more advantageous entry point before attempting to increase the price.
Anticipating The ‘Appropriate Entry Point’
CasiTrades has identified several critical price levels for potential buy-ins. She suggests that the 0.382 Fibonacci retracement level at $0.98 be monitored. The 0.5 level at $0.88 could also be a good opportunity to enter the altcoin before the price heads back up if the price declines further.
These retracement levels indicate that XRP is currently in a typical consolidation phase following a significant rally, providing investors with an opportunity to enter the market prior to the next significant surge.
Although the correction is anticipated to be temporary, it offers a significant opportunity for those who have been hesitant to invest to do so at a more favorable price.
I’m back with an important update on #XRP!
Exciting times ahead, but a reminder to avoid chasing price action. Wait for the retracement to key levels (ABC, W4) and let the market structure confirm your entry.
Here’s what I see-
Strong confirmation the lows are in with a… pic.twitter.com/16mb8ZmTDo
— CasiTrades (@CasiTrades) November 18, 2024
XRP: Long-Term Bullish Outlook
CasiTrades remains optimistic regarding the long-term potential of XRP, despite the anticipated decline. She is of the opinion that the altcoin could experience substantial gains once the market stabilizes and establishes new support levels.
A firm bullish outlook is indicated by the price targets for XRP, which range from $8 to $13, provided that the market conditions are in alignment.
The analyst said there’s no change in her long-term outlook. “$8-$13 target is not too far from here,” she added.
Legal Support
Meanwhile, XRP has recently received a legal boost. The Securities and Exchange Commission was accused of overreaching in the crypto space by 18 US states in lawsuits filed last Thursday.
Despite the fact that the lawsuits have not explicitly referenced XRP, the case has the potential to facilitate the establishment of a more supportive regulatory environment for crypto assets, which would likely be advantageous to Ripple and XRP.
A pullback may be imminent in the near future. However, the future of XRP appears promising for those who approach it correctly, given the firm support and heightened bullish sentiment.
Featured image from DALL-E, chart from TradingView
Source: NewsBTC