Cryptographic analyst Casitrades has established a massive correlation between the XRP price and the Bitcoin, the two cryptographic active ingredients reaching critical levels. On this basis, it revealed why the $ 2.24 are important because Altcoin seeks to continue its upward trend.
The XRP price follows bitcoin at critical levels, what then?
In a X postCasitrades revealed that the XRP price has reached critical levels, just like bitcoin. She noted that after weeks of movement laterally, the Altcoin pierced $ 2.24which was not only a resistance but a major structural wall. The analyst added that this price level aligns with the retracement of the 0.382 macro, and this escape marks the first real change in a certain time.
Casitrades also pointed out that the price of Altcoin has experienced a sharp rejection of the level of $ 2.24 since the escape. However, she warned the market participants not to interpret this as a sign of weakness. The analyst said that the recent impulse indicates that a new trend could be formed, with new summits Whereas after a minor correction.
In the meantime, she has mentioned that she was looking at the price levels of $ 2.24 and $ 1.90, with $ 1.55 being less likely. Casitrades noted that all local retrace levels are important because one of them could act as the pivot which launches the wave 3. The analyst added that the situation as a whole is optimistic and that the token does not decompose but will not be found simply.
The action of the Bitcoin Prize and the impact on the price of Altcoin
As part of its XRP price analysis, Casitrades also discussed the Bitcoin Action PriceNote that BTC crosses to test nearly $ 95,000, which was a major level of retraction of 0.618 and a target 1: 1 for Wave C. From that moment, it revealed that the main crypto formed a local and corrected summit at $ 92,000.
She said this $ 95,000 rejection could rotate a massive C correction of C waves, sending the Bitcoin price to $ 60,000. However, if BTC can obtain the strength to break this massive resistance, the casitrades predict that New heights to $ 126,000 could be on the table, which would also be important for the XRP price.
Altcoins like XRP also gather upwards because the price of bitcoin reaches new heights. As such, a break greater than $ 95,000 would open the way to XRP prices to maintain its bullish momentum. For the moment, whether the Altcoin is greater than $ 2.24 or that the Casitrades have said that the structure still supports a massive movement.
At the time of writing, the XRP price is negotiated at around $ 2.16, down more than 3% in the last 24 hours, data from CoinMarketCap.
Pixabay star image, tradingView.com graphic
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