XRP Price Surge May Be a Precursor to Larger Correction, Analyst Warns

Crypto analyst CasiTrades is warning investors not to get too excited about XRP's recent price surge. While the cryptocurrency reached as high as $1.39 on April 8, CasiTrades believes that this move was just a temporary bounce in an Elliott Wave structure.

According to her analysis, the current price action has completed a corrective phase, with the recent bounce into the 0.618 Fibonacci retracement level confirming a clean Wave 2. This means that the next projected move is a Wave 3 impulse that could see XRP drop to $1.09.

CasiTrades' analysis suggests that the current macro environment offers few bullish factors, and if the CLARITY Act stalls or the war with Iran drags on, XRP's support at $1.30 could break, leading to a further decline in price.