XRP has recently experienced a remarkable price rise, reaching a three-year high of $1.27. Currently, the token is trading at $1.09, with an impressive weekly increase of 80%. While this is generating excitement among investors, one veteran analyst warns that a correction is likely before XRP can make its next big move.
XRP Hits Three-Year High – What Now?
XRP’s recent rise above the $1 mark has reignited traders’ interest. This marks a renewed market optimism for the altcoin, which for a long time seemed out of reach for many.
Still, analyst CasiTrades advises caution. While she recognizes XRP’s bullish potential, she expects a temporary correction before the uptrend resumes. Currently, XRP is down 3.5% from its weekend peak, which could indicate a short cooling off period. According to the analyst, the market may be waiting for a better entry point before the price moves higher again.
Important entry points
CasiTrades identifies some crucial price levels for potential entry points. She points to the 0.382 Fibonacci retracement level at $0.98 as a key area to watch. If the price falls further, she also sees the 0.5 level around $0.88 as a promising entry point before XRP starts its next rise.
These retracement levels indicate a typical consolidation phase after a major rally, offering investors an opportunity to get in before the altcoin experiences its next upswing.
Long term: $13 in sight?
Despite the expected correction, the analyst remains optimistic about the long term. She maintains her price targets between $8 and $13, provided market conditions remain favorable. “The $8-$13 target is not far off,” she adds.
Legal support for XRP
In addition to its technical prospects, XRP has recently received a legal boost. In a case against the US Securities and Exchange Commission (SEC), 18 US states accuse the regulator of interfering too much in the crypto market. Although XRP is not explicitly mentioned, more favorable regulations could indirectly have a positive impact on XRP.
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Source: https://newsbit.nl/13-voor-xrp-analist-ziet-koersdoel-dichterbij-dan-gedacht/
