XRP Price Correlation with Bitcoin: Importance of the $2.24 Level

XRP’s price trend is closely tied to Bitcoin, with key resistance at $2.24 identified by analyst CasiTrades. Despite a recent minor rejection at this level, there’s potential for further bullish movement. Bitcoin’s current price action, hovering near $95,000, could significantly impact XRP’s trajectory. Overall, the long-term outlook for XRP remains positive, even as minor corrections are expected.

XRP has closely mirrored Bitcoin’s path, reaching significant levels recently. According to crypto analyst CasiTrades, the $2.24 mark is crucial as the altcoin aims to extend its upward momentum. After weeks of relatively flat price action, XRP broke through this resistance, which she describes as a structural barrier, pivotal for future movements in the market.

CasiTrades pointed out a notable rejection at the $2.24 level after the breakout. But she advises caution, urging traders not to see this as a sign of weakness. Instead, she suggests that the altcoin might be in the midst of forming a new trend, with expectations for higher highs after a potential minor correction in price.

The analyst is currently monitoring the price levels of $2.24 and $1.90, while she sees $1.55 as less likely now. CasiTrades emphasised that all retracement levels are vital since any could act as a catalyst for activity in the market. According to her, the broader outlook remains bullish, indicating that XRP is not breaking down but merely retracing at the moment.

On the topic of Bitcoin, CasiTrades notated its current price action, highlighting BTC’s aim to test the $95,000 level. This level, she explained, corresponds to a major retracement and a target for Wave C. After reaching what seemed to be a local peak, Bitcoin has since retraced to around $92,000.

She warned that should Bitcoin face a rejection at $95,000, it could lead to a significant correction, with potential drops to $60,000. Nevertheless, if Bitcoin manages to punch through that resistance, new all-time highs reaching $126,000 could emerge, which would also bode well for XRP.