The much-anticipated launch of Ripple’s RLUSD is set for today, December 17. Investors and analysts alike are closely watching XRP, as it stands on the cusp of a potential price explosion. Current analyses suggest that XRP is progressing through the later stages of a significant cycle wave three on its daily chart. This wave appears poised to extend even further, possibly reaching unprecedented all-time highs.
While a definitive conclusion to wave three has yet to be observed, there is speculation that its upward trajectory could persist before a corrective wave four takes shape. Analysts have identified a possible target range for the cycle’s final ascent, speculating prices could soar to somewhere between $5 and $9.81.
At the time of writing, XRP is trading below the $2.50 mark, marking a more than two percent increase over the last 24 hours.
Key Price Levels and Support Zones
Currently, XRP is navigating a critical trading range, situated between its 2021 peak and its historical all-time high. This zone is pivotal in predicting future price movements. Sustained strength above this range could potentially propel XRP past its former all-time high, although this outcome remains uncertain.
Micro Patterns and Short-Term Movement
Examining the microstructure reveals a nuanced dance of price movements. A three-wave decline from the December 3 swing high was noted, succeeded by a three-wave ascent, termed wave B. A subsequent corrective wave C then led prices downward, prompting a retest of the 2021 high, which successfully held as a support level. This development suggests that XRP’s short-term price action retains a bullish undertone.
The recent breakout from the corrective price channel offers an encouraging signal, although XRP has yet to exhibit a strong impulsive departure from this channel. The initial target post-breakout generally corresponds to the channel’s starting point, which hovers around the $2.90 level. This target is consistent with typical wave C lengths, which often mirror those of wave A.
Watch Out for Potential Pullbacks
It is crucial for investors to remain vigilant for potential pullbacks. Should the price dip below the $2.33 level and further decline past $2.28, XRP may face a test of lower support regions between $2 and $2.23. From these levels, XRP could potentially stage another rally, offering renewed opportunities for investors.
As the market evolves, staying informed on these key levels and patterns will be critical for anticipating XRP’s future movements. With the launch of RLUSD, the landscape for XRP is set to become even more dynamic, promising potential gains for those who stay ahead of the curve.
