XRP price reaches 3-year high of $1.6 - two possible trends in the future
XRP price recently skyrocketed to its highest point in three years at $1.6, marking an important milestone in the recent Bull Market Rebound of Cryptocurrency. As investors continue to predict PA, this impressive PA has caught the attention of many analysts. The XRP price now has basically two trends: either continue to pump or have a noticeable pullback. The middle one is a consolidation pattern.
CrediBULL Crypto shared his insights into the possible future direction of AltCoin. He used Elliott Waves to emphasize two scenarios that may affect the recent prospects of XRP.
According to the data of CrediBULL Crypto, XRP's recent surge presents a typical five-wave impulse trend, accompanied by clear and distinguishable sub-waves. This pattern confirms that the cryptocurrency is likely to have reached an absolute bottom at the November low of $0.49, laying a solid foundation for its current pump trend.
The impulsive wave structure indicates that Cryptocurrency is at a critical moment, and its future trend depends on whether it can maintain a specific price level. The first possibility is that XRP failed to maintain its position above $1.05, which is the origin of the fifth sub-wave in the current impulsive structure. If this level is broken, it will confirm that the XRP price is in a larger second wave correction.
According to Elliott Waves, waves 2 and 4 are corrective waves, while waves 1, 3, and 5 are the primary bullish waves. Prior to this, although this correction is bearish in the short term, it will lay the foundation for a stronger rebound in wave 3 in the future.
If the XRP price can be maintained above $1.05, the CrediBULL Crypto prediction will be completely different. Maintaining above $1.05 indicates that the fifth sub-wave is extending. In this case, analysts predict that the XRP price will break through the $2 mark before experiencing a significant pullback.
Over the past three years, XRP has been hovering below $1 and now it has firmly established itself above this key level. Recently, XRP surged to $1.6, indicating that this cryptocurrency has the ability to target the milestone of $2 instead of experiencing a significant pullback. Speculation surrounding the resignation of Gary Gensler, the chairman of the SEC, in January 2025 further strengthens this bullish sentiment.
XRP's price has climbed to $1.6, reflecting its increasing strength in the market. However, its next move depends on key support and resistance levels. At the time of writing, XRP is priced at $1.46, experiencing a pullback of about 8.5% in the past 24 hours. Nonetheless, XRP has still pumped 175% in the past 30 days.
(Data Source: Scott Matherson)
