Recently, XRP has experienced a significant increase in value, reaching a three-year peak of $1.27. The token is currently trading at $1.09 on a sustained weekly increase of 80%, and many investors are contemplating whether this marks the beginning of a new bull run.
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Nevertheless, a seasoned analyst is uncertain. She cautions that XRP has demonstrated bullish potential; however, it is probable that a correction will occur before the altcoin can make its next significant move.
XRP Hits 3-Year High – What’s Next?
The recent increase in the price of XRP to $1.26 has piqued the interest of traders, indicating a resurgence in market optimism. For the first time in years, the altcoin surpassed the $1 threshold, a feat that many believed was unattainable.
CasiTrades advises caution in spite of this encouraging trend. She anticipates that the altcoin will experience a temporary decline before it can resume its upward trajectory.
XRP is currently trading at $1.09, a decrease of approximately 3.5% from its weekend peak. This suggests that there may be a short-term cooldown. This decline may indicate that the market is anticipating a more advantageous entry point before attempting to increase the price.
Anticipating The ‘Appropriate Entry Point’
CasiTrades has identified several critical price levels for potential buy-ins. She suggests that the 0.382 Fibonacci retracement level at $0.98 be monitored. The 0.5 level at $0.88 could also be a good opportunity to enter the altcoin before the price heads back up if the price declines further.
These retracement levels indicate that XRP is currently in a typical consolidation phase following a significant rally, providing investors with an opportunity to enter the market prior to the next significant surge.
Although the correction is anticipated to be temporary, it offers a significant opportunity for those who have been hesitant to invest to do so at a more favorable 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…
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