XRP Price Prediction For December 9
Ripple’s XRP has entered the red zone but is trying to stay above $2.50 at the time of writing. XRP is currently holding above the 2021 breakout point, with the price holding above $1.96, an important level. Currently, XRP is trading between an all-time high of $1.96 and a 2021 high of around $3.30. These levels create areas of support and resistance.
Wave structure and price predictions
XRP remains within the larger price structure This suggests it is in the third wave of a larger cycle. After bottoming in June 2022, the market has experienced the first and second waves. Now in its third wave, this could push prices higher in the coming months. The next target is between $5 and $10, but it is too early to accurately predict this until the price tops in wave 3 and bottoms in wave 4.
Key support levels worth paying attention to
The main support level for XRP currently lies between $1.79 and $1.96. If the price falls below these levels, the next key area of support is the orange zone, indicating the possibility of a larger correction. However, as of now, the correction appears to be part of the third wave in a larger uptrend, so the outlook remains positive.
Rapid price action and potential pullback
The third wave has extended upward, which is not unusual, but the rise has been faster than typical, which means the pullback is likely to be stronger. This rapid price action could lead to a short-term pullback, but as long as support holds, XRP should continue to rise in the long term.
Small time frame correction
On smaller timeframes, XRP is currently correcting, which could be a sideways move or a counter-trend move. We may see a triangle pattern forming, which often leads to a breakout. Triangles are common in the cryptocurrency market and can be a signal of the next price movement.
