XRP recently caught the market’s attention by reaching a three-year high of $1.27, sparking discussions on whether the surge was the start of a new bull run. It currently trades at $1.09 after an 80% increase during the week, leading investors to speculate on future trends.
Despite the excitement, one experienced analyst advises caution. He acknowledges XRP’s bullish potential but warns that a market correction is likely before the altcoin makes another significant upward move.
The recent price rally of XRP to $1.26 has sparked interest among investors, reminiscent of hopes of a revived market. Many market observers were not expecting the altcoin to reach these heights for the first time in several years.
However, respected analyst CasiTrades cautions against it. He expects the altcoin to briefly dip before resuming its uptrend. Currently, XRP sits at $1.09, reflecting a drop of around 3.5% from its weekend peak, suggesting a possible short-term cooling.
CasiTrades highlights critical price levels for potential entry opportunities. In case of further price declines, it is recommended to watch the 0.382 Fibonacci retracement level at $0.98 and the 0.5 level at $0.88. These retracement figures suggest that XRP is in a customary consolidation phase after a significant climb, providing timely entry opportunities before the next significant surge.
Although the expected correction may be temporary, it presents a positive opportunity for investors to purchase XRP at more advantageous prices.
Despite the upcoming volatility, CasiTrades remains optimistic about XRP’s long-term trajectory, predicting strong gains once new market support levels are established. Price targets for XRP range from $8 to $13, depending on favorable market conditions.
He maintains his bullish outlook by saying, "The $8-13 targets are achievable."
At the same time, XRP has been gaining legal momentum. Recently, 18 US states filed lawsuits against the Securities and Exchange Commission, accusing it of overreach in the crypto space. While XRP was not directly mentioned, the lawsuit could create a more favorable regulatory environment for crypto assets, potentially benefiting Ripple and XRP.
The market may experience a pullback, but the outlook for XRP remains promising for those who take a strategic approach, with solid support and strengthening bullish sentiment