Rippleโs highly anticipated RLUSD launch is scheduled for today, December 17, sparking expectations of a significant move in XRPโs price. Analysts suggest that XRP is currently in the advanced stages of a third wave cycle on the daily chart. This wave, which remains active, could potentially extend further and push XRP toward new all-time highs. While the conclusion of wave three is not yet confirmed, thereโs still room for upward momentum before a corrective wave four begins. Analysts estimate a potential target for this final push could range between $5 and $9.81.
As of this writing, XRP trades slightly below the $2.50 mark, showing an increase of over 2% in the past 24 hours. Presently, XRP finds itself positioned between its 2021 high and its all-time high, a critical zone that holds the key to determining the assetโs next major move. If XRP sustains its current momentum above this level, the likelihood of breaking through its previous all-time high increases significantly, though it remains speculative at this point.
Short-Term Patterns and Key Support Zones
Analyzing XRPโs recent price structure reveals a three-wave decline from its swing high recorded on December 3, followed by a wave B recovery. A corrective wave C subsequently took XRP back to retest its 2021 high, which held firmly as a support level. This successful retest reinforces short-term bullish sentiment. Additionally, the recent breakout from the corrective price channel marks a positive indicator, though XRP has yet to confirm this move with a strong impulsive rally. Should XRP follow typical wave patterns, the initial target for this breakout aligns near $2.90, corresponding to the starting point of the corrective channel.
Potential Pullbacks to Watch
Despite its bullish undertone, XRP could face short-term corrections. A break below the $2.33 support level, followed by a move beneath $2.28, could signal further downside momentum, pushing prices toward the lower support range between $2.00 and $2.23. However, these dips may present fresh buying opportunities, setting the stage for a subsequent rebound and potential rally.
Overall, XRPโs price movement remains promising, with bullish signals suggesting continued upward potential. As the RLUSD launch unfolds, monitoring key support and resistance levels will be essential to determine the assetโs next trajectory.
Disclaimer: This content is for informational purposes only and should not be interpreted as financial or investment advice. Investors are encouraged to perform independent research and seek professional consultation before making any financial decisions.
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