Ripple’s RLUSD is poised to launch today, December 17, and the cryptocurrency community is abuzz with anticipation as XRP’s price is predicted to experience a significant surge. Analysts suggest that XRP is currently navigating the latter phases of a cycle wave three on the daily chart. This wave may still ascend further, possibly reaching unprecedented all-time highs.
While a definitive conclusion to wave three has not yet materialized, there remains a chance that the upward trajectory may persist before a corrective wave four emerges. The projected target for this cycle’s culmination could potentially lie between $5 and $9.81. Presently, XRP is trading just below the $2.50 mark and has witnessed an impressive increase of over two percent in the past 24 hours.
Key Price Levels and Support Zones
Currently, XRP finds itself trading within a pivotal zone, nestled between the 2021 high and its all-time high. This range is crucial for deciphering potential price movements. If XRP manages to maintain its position above this range, there exists a strong likelihood of breaking through its all-time high, although this outcome is not certain.
Micro Patterns and Short-Term Movement
Examining the microstructure reveals a three-wave decline from the swing high established on December 3rd, succeeded by a three-wave ascent (wave B). This was followed by a corrective wave C, pushing the price downward, enabling XRP to retest the 2021 high, which has proven to be a robust support level. This scenario indicates that the short-term price action remains bullish.
The recent breakout from the corrective price channel is a favorable indication, although XRP has yet to exhibit a decisive, impulsive move away from it. The initial target following this breakout is typically set at the channel’s starting point, approximately around the $2.90 level. This target aligns with the conventional length of wave C, which frequently mirrors that of wave A.
Watch Out for Potential Pullbacks
If the price descends below the $2.33 level, followed by a further drop beneath $2.28, XRP may be subjected to testing lower support regions ranging between $2 and $2.23. From these levels, XRP could potentially initiate another rally. Investors and traders should remain vigilant for these potential pullbacks as they navigate the volatile cryptocurrency market.
In conclusion, as Ripple’s RLUSD prepares to launch, the XRP price is on the brink of a potentially explosive movement. With key price levels and support zones in focus, along with micro patterns and short-term movements, investors are advised to stay informed and alert to capitalize on any emerging opportunities.
