XRP Price: ABC Correction Forecast Accurate, Second Half Predicts Bullish Moment To $2.9

The previous eight weeks have experienced XRP price volatility and heavy trading activity not seen in over six years. Following Donald Trump's November 5, 2024 presidential election victory, XRP's value rose over 400% to $2.90 on Binance on December 3.

XRP has fallen in the previous week. Technical analysis suggests an ABC corrective pattern for current XRP price fall, with a further dip before the next leg up.

XRP Price Showing ABC Correction

An ABC pattern that is nearly over has characterized the XRP price decline since $2.9. This pattern has two decline waves A and C and a tiny uptrend wave B.

As shown in the 4-hour candlestick price chart below, the first downtrend wave A began after the XRP price was rejected at resistance around $2.9 on December 3 and bottomed out around $2.16 on December 5, a 25% decline in two days. It then continued on a small uptrend wave B, indicating bulls were still active. Wave B ended with a lower high of $2.65 on December 9, a 22% rise in four days.

The XRP price has started another fall in the last 24 hours after hitting this lower high, suggesting corrective wave C. An XRP price correction of 25% from $2.65 would place the bottom just below $2 before another bounce higher if wave A repeated. This makes sense as the $2 price level is a psychological barrier the bulls would avoid a breach below.

In the last 24 hours, XRP has dropped roughly 10% to $2.19.

Market dynamics imply a comeback from $2 despite this setback. A comeback may start a bullish wave and push XRP above $2.90 and beyond. XRP is still seeing investor optimism about regulatory certainty once a new US presidential government takes office in January 2025.

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