XRP Price Analysis: Recent Trends
In a significant market move, Ripple’s XRP surged past the $2.71 mark on December 17, driven by the launch of the highly anticipated RLUSD stablecoin. This bullish momentum, however, faced resistance, causing XRP to retract to the $2.55 level. Despite this pullback, XRP finds robust support around the $2.40 mark, indicating a potential for upward movement in the near term.
Support and Resistance Levels
The market has established a micro support zone between $2.55 and $2.62, though immediate testing of this level is not anticipated. The current market conditions suggest that XRP is in the midst of a third wave extension, having reached a 100% extension point. Ideally, this wave targets approximately $2.81, provided support remains above current levels. Any dip below this could signal a more significant pullback, yet still within manageable bounds of the micro structures.
Future Projections: Waves 4 and 5
The third wave is expected to advance further, setting the stage for subsequent waves 4 and 5. These upcoming waves hold the potential to propel XRP towards retesting its previous all-time high. However, the market structure remains delicate, and the current price movement lacks the impulsive nature observed in past rallies. Nonetheless, the existing support levels provide a firm foundation for future price action.
Potential Breakout to $3.80
Could XRP Breakout to $3.80? According to Josh, an analyst from Crypto World, XRP is backed by solid support around the $2.00 level, where prior resistance has transitioned into support. Although there haven’t been dramatic shifts for XRP recently, the short-term outlook remains optimistic, with the price continuing its bullish breakout from a bull flag pattern.
This breakout commenced a few days ago, and we are now witnessing increased bullish momentum. XRP has recently established new higher highs, confirming the breakout and forming a positive price structure characterized by ascending highs and lows. The price target for this bull flag breakout is approximately $3.80, representing a potential 40% to 60% increase from the breakout point. This target remains viable as the breakout has been confirmed, with previous resistance now acting as support.
