XRP Price Hits 3-Year High At $1.6
Ripple price Recently surged to three-year high $1.6, marking a major milestone in the cryptocurrency’s recent bullish rally. This dramatic price action has attracted the attention of many analysts as investors continue to predict price movements.
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XRP price can basically move in one of two ways: either it continues to rise or it pulls back significantly. In between is the integrated model.
CrediBULL Crypto shares his insights on the potential path altcoins could take next. Utilizing the Elliott Wave Theory, he highlighted two scenarios that could shape XRP’s near-term future.
What’s next for XRP price?
according to CrediBULL cryptocurrencyXRP’s recent rally showcased a textbook example of a five-wave impulse move, with clearly discernible wavelets. This pattern confirms that the cryptocurrency may have bottomed out at the November low of $0.49, which is a solid foundation for its current upward trend.
The pulse wave structure indicates that the cryptocurrency is at a critical juncture and its future trajectory depends on whether it maintains specific price levels.
The first possibility is that XRP fails to sustain above $1.05, which is the origin of the fifth sub-wave in the current pulse structure. A break above this level would confirm that XRP price is in the midst of a larger second wave correction.
according to Elliott wave theory, Waves 2 and 4 are corrective waves, and waves 1, 3, and 5 are major bullish waves. Although this adjustment is bearish in the short term, it will lay the foundation for a stronger third wave rebound in the future.
CrediBULL Crypto predicts a very different outcome if the XRP price manages to stay above $1.05. Holding above $1.05 would indicate that the fifth sub-wave is extending. In this case, analysts predict that XRP price will break through the $2 mark before experiencing a significant correction.
The road ahead for XRP
After hovering below $1 for the past three years, XRP is now firmly above this critical level. The recent surge in XRP price to $1.6 indicates that the cryptocurrency is on A stronger push toward the $2 milestone rather than retreating into drastic adjustments. This bullish sentiment has been bolstered by speculation surrounding SEC Chairman Gary Gensler Expected to resign in January 2025.
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XRP price climbing to $1.6 reflects its growing strength in the market. Nonetheless, the next phase of the journey depends on Key support and resistance levels. At the time of writing, XRP price is trading at $1.46, having corrected approximately 8.5% in the past 24 hours. However, XRP price is still up 175% in the past 30 days.
Featured images from Pexels, charts from TradingView
