XRP Reaches Three-Year High of $1.27 Amid Market Optimism
XRP has recently increased in value, reaching a three-year peak of $1.27 and currently trading at $1.09, reflecting a weekly rise of 80%. Investors are speculating whether this signals the start of a new bull run.
However, an experienced analyst warns that while XRP shows bullish potential, a correction is likely before any significant upward movement occurs.
XRP Hits 3-Year High – What’s Next?
The price surge to $1.26 has generated interest among traders, marking the first time the altcoin has surpassed the $1 threshold in years. This milestone was previously considered unattainable.
CasiTrades advises caution despite the positive trend, anticipating a temporary decline before XRP can continue its upward path.
XRP's current trading price of $1.09 represents a decrease of approximately 3.5% from its weekend peak, indicating a possible short-term cooldown as the market seeks a more favorable entry point.
Anticipating The ‘Appropriate Entry Point’
CasiTrades has identified critical price levels for potential buy-ins, including the 0.382 Fibonacci retracement level at $0.98 and the 0.5 level at $0.88. These levels suggest that XRP is in a typical consolidation phase after a significant rally, offering investors a chance to enter the market before the next surge.
While the expected correction may be temporary, it presents an opportunity for hesitant investors to acquire XRP 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 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 maintains an optimistic long-term outlook for XRP despite the anticipated decline, believing substantial gains are possible once the market stabilizes and new support levels are established.
Price targets for XRP range from $8 to $13, contingent on favorable market conditions. The analyst asserts that the long-term target remains unchanged, stating that "$8-$13 target is not too far from here."
Legal Support
XRP has gained legal support, as 18 US states filed lawsuits against the Securities and Exchange Commission, accusing it of overreach in the crypto industry. Although XRP is not explicitly mentioned in these lawsuits, the outcomes could foster a more supportive regulatory environment for crypto assets, benefiting Ripple and XRP.
A pullback may be imminent; however, XRP's future appears promising for informed investors, given the solid support and positive sentiment surrounding it.
Featured image from DALL-E, chart from TradingView