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.
XRP Price Follows Bitcoin To Critical Levels, What Next?
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.
CasiTrades also remarked that the the altcoin’s price has seen a sharp rejection from the $2.24 level since the breakout. However, she warned market participants not to misinterpret this as a sign of weakness. The analyst claimed that the recent momentum signals a new trend could be forming, with new highs expected after a minor correction.
In the meantime, she mentioned she is watching the $2.24 and $1.90 price levels, with $1.55 being less likely now. CasiTrades noted that all local retracement levels 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 Bitcoin Price Action And Impact On The Altcoin’s Price
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.
Altcoins like XRP also rally to the upside as the Bitcoin price reaches new highs. As such, a break above $95,000 would pave the way for the XRP price to sustain its bullish momentum. For now, regardless of whether the altcoin holds above $2.24 or sweeps to the $1.90 low, CasiTrades affirmed that the structure still supports a massive move ahead.
At the time of writing, the XRP price is trading at around $2.16, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
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