The launch of Ripple's RLUSD on December 17 has set the stage for a potential explosion in XRP's price. Market analysts suggest that XRP is nearing the final phase of a cycle wave three on the daily chart. This wave, which has already demonstrated substantial bullish momentum, may continue to climb, possibly extending to unprecedented price levels. Predictions for the peak of this wave range between $5 and $9.81, signaling a pivotal moment for the cryptocurrency.
XRP’s Current Price Action and Key Levels to Watch
At the time of analysis, XRP is trading just below the $2.50 mark, showing a 2% increase in the past 24 hours. The token is positioned between its 2021 high and its all-time high—a critical zone that could dictate its future trajectory. Holding above this range could enable XRP to push past its previous all-time high, although a reversal remains possible if support levels fail to hold. A dip below $2.33 could lead to a retracement to lower support zones, potentially pausing the upward momentum.
Short-Term Patterns and Bullish Indicators
XRP’s price action shows encouraging short-term bullish trends. After a three-wave corrective move down from the December 3 swing high, XRP experienced a recovery in wave B, followed by wave C, which retested the 2021 high as a support level. The breakout from this corrective channel is a strong indicator of renewed upward momentum. If XRP maintains its trajectory, the next significant target aligns with the $2.90 level, corresponding to the start of the previous channel and the typical length of wave C.
Potential for a New Record High
As XRP consolidates near critical levels, market sentiment remains optimistic. The token's ability to sustain its current momentum could drive it toward new all-time highs, capitalizing on the bullish momentum spurred by Ripple's RLUSD launch. With key support levels holding firm and wave three yet to show signs of exhaustion, XRP’s price trajectory remains one to watch closely as it aims to rewrite its history.
