Crypto analyst CasiTrades has drawn a massive correlation between the XRP price and Bitcoin, with both crypto assets reaching critical levels. Based on this, she revealed why the $2.24
Crypto analyst CasiTrades has drawn a massive correlation between the XRP price and Bitcoin, with both crypto assets reaching critical levels. Based on this, she revealed why the $2.24 is important as the altcoin looks to continue its upward trend.
In an X post, CasiTrades revealed that the XRP price has reached critical levels, just like Bitcoin. She noted that after weeks of sideways movement, the altcoin broke through $2.24, which wasn’t just a resistance but a major structural wall. The analyst added that this price level aligns with the 0.382 macro retracement, and this breakout marks the first real shift in a while.
After weeks of nearly horizontal price action, $XRP finally broke through the structural wall at $2.24, which is also the 0.382 macro retracement. This breakout marks the first real shift in a while. This move also saw a sharp rejection from the $2.24 level, which might make some think it’s a sign of weakness. But don’t be fooled!
With the recent momentum, I believe we might be setting up for a new trend after a minor correction. CasiTrades pointed out that the smaller local retracement levels also matter as any of them could act as the pivot that launches Wave 3. The analyst added that the bigger picture is bullish and that the token isn’t breaking down but simply retracing.
"The structure is still indicating a massive move ahead, whether we hold above $2.24 or sweep lows to $1.90. This breakout is also the first real shift in the bigger picture which is still bullish. We aren’t breaking down, just retracing."
As part of her XRP price analysis, CasiTrades also touched on the Bitcoin price action, noting that BTC is pushing through to test near $95,000, which was a major .618 retracement level and 1:1 target for Wave C. From that point, she revealed that the leading crypto has formed a local top and corrected to $92,000.
She asserted that this rejection at $95,000 could pivot into a massive C wave correction, sending the Bitcoin price to as low as $60,000. However, if BTC can get the strength to break this massive resistance, CasiTrades predicts that new highs towards $126,000 could be on the table, which would also be significant for the XRP price.
"We're also testing the .618 retracement and 1:1 fib target for C wave at $95k. From there, BTC made a local top and corrected to $92k. If we get a rejection at this level, it could pivot into a massive C wave correction, setting a lower low at $60k and lower. But if we can break this huge resistance, then we'll be setting up for new highs at $126k, which will also be huge for XRP."
