Ripple’s XRP surged to over $2.71 on December 17 following the launch of the highly anticipated RLUSD stablecoin. However, the cryptocurrency has retraced from its peak and is currently trading at around $2.55. XRP is currently finding strong support near the $2.40 levels, and the market sentiment is positive, suggesting a potential uptrend in the near future.
A micro support region has been identified between $2.55 and $2.62, although there is no immediate expectation for this level to be tested. The ongoing third wave is still unfolding, with a 100% extension already reached. The ideal target for this wave is approximately $2.81, with the support ideally holding above current levels. Any drop below this would be considered a deeper pullback but still within the range of micro structures.
The third wave is projected to extend higher, followed by waves 4 and 5, potentially propelling XRP to retest its all-time high. Despite the current fragile structure and less impulsive price movement compared to previous rallies, the support levels are holding steady.
Analyst Josh from Crypto World notes that XRP has solid support around $2, with previous resistance now acting as support. While there have been no significant developments for XRP recently, the price is displaying a bullish breakout from a bull flag pattern in the short term.
This breakout commenced a few days ago, and there is now stronger bullish momentum evident. XRP has recently achieved new higher highs, confirming the breakout and forming a positive price structure with higher highs and higher lows.
The price target resulting from this bullish flag breakout is approximately $3.80, indicating a potential 40% to 60% increase from the breakout point. This target remains active following the confirmed breakout, with previous resistance now serving as support for XRP’s upward trajectory.
With the positive market sentiment and technical indicators pointing towards further upside potential, XRP investors are hopeful for a potential breakout to $3.80 in the near future.