Recently, XRP has witnessed a remarkable rise, reaching a three-year high of $1.27. Currently, the token is trading at $1.09, marking a sustained weekly increase of 80%. This performance has prompted many investors to speculate whether a new bull run is on the horizon.
XRP Hits 3-Year High – What’s Next?
The recent surge in XRP’s price to $1.26 has captured the attention of traders, signaling a renewed sense of market optimism. For the first time in several years, the altcoin breached the $1 threshold, a milestone many had thought unreachable.
Despite this encouraging trend, seasoned analyst CasiTrades advises caution. She predicts a temporary decline in the altcoin’s price before it resumes its upward momentum. Currently, XRP is trading at $1.09, reflecting a slight decrease of about 3.5% from its weekend peak. This suggests that a short-term cooldown might be underway, potentially offering a more favorable entry point for investors before the price attempts to rise again.
Anticipating The ‘Appropriate Entry Point’
CasiTrades has pinpointed several critical price levels for potential buy-ins. She recommends monitoring the 0.382 Fibonacci retracement level at $0.98. Additionally, the 0.5 level at $0.88 could present a good opportunity to enter the altcoin market if the price dips further.
These retracement levels suggest that XRP is currently undergoing a typical consolidation phase following its significant rally, thus providing investors with a chance to enter the market before the next substantial surge. While the anticipated correction is likely to be temporary, it creates a significant opportunity for hesitant investors to enter the market at a more advantageous price.
XRP: Long-Term Bullish Outlook
Despite the expected short-term decline, CasiTrades remains optimistic about XRP’s long-term potential. She believes that once the market stabilizes and establishes new support levels, XRP could experience substantial gains.
Price targets for XRP range from $8 to $13, contingent upon favorable market conditions. The analyst maintains her bullish stance, stating, “The $8-$13 target is not too far from here.”
Legal Support for XRP
In the legal arena, XRP has recently garnered support. The Securities and Exchange Commission has been accused of overstepping its boundaries in the crypto space by 18 US states in lawsuits filed last Thursday. Although these lawsuits do not explicitly reference XRP, they could potentially help establish a more favorable regulatory environment for crypto assets, which would be beneficial for Ripple and XRP.
While a short-term pullback may be on the horizon, the future of XRP seems promising for those who approach it strategically, given the robust support and increasing bullish sentiment.
Note: The content above reflects market conditions and analyses as of the date of writing and is subject to change. Always conduct your own research before making investment decisions.
