Seasoned analyst CasiTrades has provided insights into XRP’s recent price movements, suggesting a possible pullback before a significant rally toward $13. The analysis emphasizes caution, advising traders to wait for ideal entry points as the market consolidates.
XRP’s Rally Slows as Correction Is Expected
XRP’s price has recently surged above $1 for the first time in three years, sparking optimism among investors. However, momentum has slowed, with XRP trading at $1.10 after reaching a high of $1.26 over the weekend.
Analysts believe the token may experience a steeper pullback before continuing its upward trend. CasiTrades noted that the recent rally confirms XRP’s lows are in, but consolidation is expected to solidify its bullish structure.
Key Fibonacci Levels Identified for XRP Entry
CasiTrades highlighted two critical Fibonacci retracement levels where favourable buying opportunities might emerge during the expected correction.
The first support level is the 0.382 Fibonacci retracement, aligning with a price of $0.98. If the retracement deepens, the next target is $0.88, corresponding to the 0.5 Fibonacci level. These levels are part of the ABC correction pattern commonly observed in short-term consolidations following significant rallies.
According to the analyst, these retracement zones will allow XRP to test and confirm its recent breakout above $1.
Momentum Indicators Signal Short-Term Correction
The relative strength index (RSI) for XRP’s daily chart shows no bearish divergence, indicating long-term solid momentum. However, bearish divergence on shorter timeframes has been observed, suggesting a possible short-term price correction.
This divergence supports the expectation of a temporary pullback before XRP resumes its upward trajectory.
Bullish Projections for XRP: $8 to $13 in Sight
Despite the anticipated correction, the long-term outlook for XRP remains bullish. Once the market stabilizes and confirms support levels, CasiTrades predicts that XRP could reach price targets between $8 and $13.
The breakout above $1 has reignited optimism among the crypto community, with prominent analysts like Peter Brandt acknowledging XRP’s potential. Brandt pointed out that the next major hurdle is the 2021 high of $1.96.
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Once this level is surpassed, a historic run toward new all-time highs could unfold, although Brandt refrained from predicting how high XRP might climb.
XRP’s Price Action Attracts Market Attention
XRP’s recent price movements and bullish potential have placed it back in the spotlight. The consolidation period will allow investors to position themselves ahead of the following significant rally.
With long-term projections suggesting a climb to $13, XRP continues to attract interest as a promising asset in the crypto market
The post XRP’s Road to $13: Analyst Predicts Bullish Surge After Correction appeared first on FXcrypto News.
