Key Takeaways:
- XRP’s weekend surge was sparked by an old ETF article, not organic buying.
- CasiTrades emphasizes XRP’s vulnerability below key resistance at $2.24.
- EGRAG CRYPTO projects short-term XRP weakness with an optimistic longer-term outlook.
XRP traders were greeted with an unexpected price spike this Sunday, but beneath the surface, it lacked the power of true bullish momentum. Analyst CasiTrades pointed out that the surge was triggered by the resurfacing of an old ETF article, mistakenly interpreted as new.
Lacking a visible time stamp, the entry spurred a short-lived buying rush, consistent during a weekend session when liquidity is lower and volatility tends to exaggerate movements.
Even after peaking at $2.27, the cryptocurrency was unable to sustain above the all-important $2.24 resistance level that many have eyed for weeks. The price was instantly rejected and dropped back to challenge the very same area as new resistance.
CasiTrades highlighted that as long as the cryptocurrency needs to convincingly regain and close above $2.24, the bigger picture remains at risk of additional downside.
She highlighted the necessity of looking at clean technical patterns as opposed to responding on the basis of sensationalist headlines, particularly on weekends when lower liquidity distorts true price action.
XRP’s Structural Battle at $2.24
XRP’s near-term direction depends on its price action at the $2.24 level, according to CasiTrades. During the spike as well, its inability to hold a break above this resistance reflected underlying structural frailty.
Though there remains the possibility of a bullish momentum should $2.24 be regained, a close below the level will indicate continued fragility and leave the doors open for deeper tests of support.
The weekend’s thin liquidity exaggerates price movements, meaning traders must tread carefully. CasiTrades remains focused on technical levels rather than market noise, advising patience until a clearer structural breakout occurs.
According to her, the true advancement will be evident if the cryptocurrency succeeds in building strength over $2.24 on consistent trading volume rather than occasional weekend price movements.
Short-Term Weakness, Long-Term Hope
By comparison, analyst EGRAG CRYPTO offered a more conservative short-term projection of a price pullback towards $1.25 before any appreciable bounce back. He insisted that to reverse bearish pressure, XRP should close above the $2.33 and $2.45 levels that correspond with the Bull Market Support Band.
EGRAG CRYPTO pointed towards the importance of the 0.702 Fibonacci retracement level, which aligns with a significant historical breakout point. Existing market structure indicates a continued weak hold as XRP continues below key bullish levels.
Even though his short-term advice was cautionary in tone, EGRAG is bullish on XRP’s double-digit price potential over the next few months. His trading method relies on accumulation on price drops as opposed to responsive trading brought about by market noise.
Both experts depict a scenario where caution is called for in the short-term, but the larger framework continues to develop for XRP’s next big move.
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