🚀 XRP Hits 3-Year High
XRP recently reached a three-year peak of $1.27, sparking optimism among traders. Currently trading at $1.09 after an 80% weekly surge, many wonder if this marks the start of a bull run. Analyst CasiTrades, however, warns of a potential correction before XRP makes its next major move.
📉 Short-Term Cooling Period
XRP’s slight decline of 3.5% from its weekend peak suggests a temporary cooldown. According to CasiTrades, this could signal the market is waiting for better entry points before pushing prices higher. Retracement levels like $0.98 (0.382 Fibonacci) and $0.88 (0.5 Fibonacci) are key levels to watch for potential buy-ins.
💡 Anticipating the Next Move
The correction is seen as a consolidation phase following XRP’s rally, offering investors an opportunity to enter at more favorable prices. This temporary dip could pave the way for a stronger upward trajectory as the market stabilizes.
🌟 Long-Term Outlook
CasiTrades remains bullish on XRP’s future, targeting prices between $8 and $13 if market conditions align. This optimism is supported by XRP’s strong price action and the potential establishment of new support levels.
⚖️ Regulatory Boost
XRP has also received indirect legal support as 18 US states recently accused the SEC of overreach in the crypto space. While not explicitly referencing XRP, these lawsuits could contribute to a more favorable regulatory environment, benefiting Ripple and XRP in the long run.
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