XRP has recently experienced significant growth, hitting a three-year peak of $1.27, with current trading at $1.09 marking an 80% weekly rise. Speculation centers around a potential new bull run, but analyst CasiTrades suggests caution, expecting a market correction before further upward movement.
After surpassing the $1 mark, market optimism surged, but CasiTrades anticipates a temporary decline. This present decline, evidenced by a 3.5% drop from its peak, indicates a possible advantageous entry point for investors before further price increases.
Key price levels for potential buy-ins have been identified, with the 0.382 Fibonacci retracement level at $0.98 and the 0.5 level at $0.88. These levels suggest a typical consolidation phase that may provide investment opportunities before the next significant surge.
CasiTrades remains optimistic about XRP's long-term potential, projecting price targets between $8 and $13. This outlook is dependent on stable market conditions and alignment.
Recent legal developments, involving accusations against the SEC by 18 US states, may positively impact XRP indirectly by fostering a more supportive regulatory environment. This potential pullback offers promising opportunities for apt investors in the future.
