XRP Price Prediction For December 8
Ripple’s XRP is up more than 6% in the past 24 hours, trading near $2.60. XRP is currently holding above its 2021 highs at around $1.96. The price recently broke above this key level and is yet to fall below it.
Current wave structure:
From the perspective of market structureXRP may be in the fourth wave of a larger third wave in an ongoing bullish cycle. The recent pullback follows a three-wave pattern, which is considered a pullback and could lead to a fifth wave that could push the price into the $5 to $10 range. While prices may move slightly higher, this remains the most reasonable expectation at this time, but it could change as more data becomes available.
Support and resistance levels:
Looking at support, the key range lies between $1.50 and $1.79. As long as the price remains above this support area, the bullish scenario remains valid. In terms of resistance, the next levels to watch are $2.60, $2.73, and $2.81. If the uptrend continues, these levels could serve as potential points at which price could come under selling pressure.
Price Action and Expectations:
Currently, XRP may be undergoing a correction within a larger uptrend as part of the fourth wave. This wave is expected to complete before prices move higher. If the price breaks below the $2.38 and $2.17 levels, it would indicate that a downside move is imminent.
However, there is strong support near the 2021 highs, which should help stabilize prices. Although the market is currently in a temporary correction, there are no signs of a collapse. In the cryptocurrency market, corrections can be significant at times, but they are a normal part of the cycle, especially during bullish phases.
