RLUSD from Ripple is fully set to launch today (December 17), and the price of XRP is fully prepared for a potential explosion. Analysts say that XRP is currently in the later stages of wave cycle three on the daily chart, and this wave may still extend slightly higher, potentially reaching new all-time highs.
Although we have not yet seen a clear end to wave three, there is a chance it will continue to move upward before we see a correction in wave four. The potential target for the last movement of this cycle could be between $5 and $9.81.
At the time of writing, XRP is trading below the $2.50 level and has increased by more than two percent in the last 24 hours.
Currently, XRP is trading between the 2021 peak and the all-time high. This zone is crucial for understanding potential price movements. If XRP continues to hold above this range, there is a good chance that XRP could break the all-time high, although this is not guaranteed.
From the peak of the swing formed on December 3, there has been a three-wave movement downward, followed by a three-wave movement upward (wave B). Subsequently, a corrective wave C has formed downward, resulting in XRP retesting the 2021 peak, which has held as support. This indicates that the short-term price action remains bullish.
Breaking out of the corrective price channel is a positive sign, although XRP has not yet moved away from it impulsively. The first target after this breakout is usually the starting point of the channel, which is around the $2.90 level. This target coincides with the typical length of wave C, which often aligns with the length of wave A.
Beware of potential pullbacks. If the price breaks below the $2.33 level and then falls below $2.28, the price may test the lower support areas between $2 and $2.23. From there, XRP may attempt to rise again.
