thecryptobasic.com
While the recent XRP surge has captured the attention of crypto traders, seasoned analyst CasiTrades advises caution, highlighting a likely correction before the $13 price.
In a recent update, the analyst warns against chasing the current rally and recommends that investors wait for an ideal entry point as the market consolidates. Casi highlighted XRP’s strong bounce from key support levels, confirming the token’s “lows are in.” This comes following XRP’s breakout above $1 for the first time in three years.
With XRP losing momentum after hitting $1.26 over the weekend, analysts believe XRP is primed for a steeper pullback before continuing its upward trajectory. At press time, XRP is trading at $1.10, down 3.72% over the past day.
Favorable Entry Prices for XRP
CasiTrades identified two critical Fibonacci retracement levels that could offer ideal buy zones for those looking to enter the market ahead of XRP’s next major move.
The first support target is the 0.382 Fibonacci level, which aligns with a price of $0.98. Meanwhile, should the retracement extend further, Casi suggested an entry at $0.88, corresponding with the 0.5 Fibonacci level.
These levels align with the ABC correction pattern often seen during short-term consolidations after major price rallies. The analyst believes the retracement will allow XRP to “test the break” and solidify its bullish structure.
RSI Momentum and Short-Term Divergences
Additionally, CasiTrades pointed to the relative strength index (RSI) on XRP’s daily chart, which shows no bearish divergence, indicating strong momentum. However, the analyst noted that bearish divergence on smaller timeframes suggests a short-term correction is likely before the next leg up.
Long-Term Outlook Remains Bullish
Despite the anticipated pullback, CasiTrades reiterated a long-term bullish outlook for XRP, with price targets ranging from $8 to $13. She expects the token’s bullish momentum to resume once the market confirms its next support levels.
Notably, XRP’s breakout above $1 and its subsequent market activity have reignited optimism within the crypto community. Even seasoned critics, like Peter Brandt, have turned bullish on XRP.
In a recent statement, Brandt noted that with XRP successfully clearing the 2023 high, the next hurdle is the 2021 high of $1.96. Once this level is cleared, XRP could embark on a historic run to new all-time highs. However, Brandt did not comment on how high XRP could go.