XRP reached $1.27, a three-year high. The cryptocurrency is trading at $1.09 after an 80% weekly surge, and many investors are wondering whether this is the start of a new bull run.
But even seasoned analysts are doubtful. She notes that XRP has bullish potential, but a pullback is likely before the cryptocurrency makes its next big rise.
The recent rise in XRP to $1.26 has traders excited, signaling a market confidence revival. The cryptocurrency crossed $1 for the first time in years, an achievement many thought impossible.
CasiTrades urges caution despite this upward trend. She expects the cryptocurrency to drop before rising again.
XRP is down 3.5% from its weekend high to $1.09. This signals a brief cooling. This fall may imply that the market is waiting for a better entry opportunity before raising the price.
CasiTrades found multiple buy-in thresholds. She advises monitoring the $0.98 0.382 Fibonacci retracement level. If the price drops more, the cryptocurrency may be worth entering around $0.88, 0.5.
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 expected to be brief, the correction gives a great chance for individuals who have been reluctant to buy to do so at a better price.
Despite the predicted fall, CasiTrades remains bullish about XRP's long-term prospects. She believes the cryptocurrency might rise significantly if the market stabilizes and finds fresh support.
If market circumstances coincide, XRP price forecasts of $8 to $13 signal a positive future.
The analyst maintains her long-term prognosis. She said the $8-$13 aim is close.
XRP just gained legal support. Last Thursday, 18 US states sued the SEC for crypto overreach.
Despite not mentioning XRP, the cases might help create a more favorable regulatory climate for crypto assets, which would benefit Ripple and XRP.
