XRP Price Prediction as RLUSD Launches – Key Highlights (December 17, 2024)

Ripple's RLUSD stablecoin is launching today, and analysts believe it could significantly impact XRP's price. Currently, XRP is in the later stages of wave three of a broader cycle on the daily chart. This wave may extend further before a potential correction in wave four, with analysts setting a possible target range for XRP between $5 and $9.81.

Current Market Status:

Current Price: Below $2.50 (up over 2% in the last 24 hours)

Support and Resistance: XRP is currently trading between its 2021 high and its all-time high. This range is crucial for predicting future movements. If XRP holds above this zone, there’s potential for a breakout to new all-time highs. However, if it drops below $2.33, it could retest lower support zones.

Wave Structure and Key Levels:

XRP recently experienced a three-wave move down from its December 3 swing high, followed by a three-wave move up (wave B) and a corrective wave C to the downside, which tested support at the 2021 high.

The breakout from the corrective channel indicates bullish momentum. If this breakout is sustained, the first target is around $2.90, which corresponds with the starting point of the corrective channel.

The typical structure of wave C often mirrors wave A, supporting this target range.

Outlook: With Ripple's RLUSD launch, demand for XRP could rise. If bullish momentum continues, XRP may break above key resistance levels and aim for targets between $5 and $9.81. However, a pullback is possible, and a drop below $2.33 might signal a broader correction. Investors should watch for impulsive moves above the 2021 high, which could signal further upside.