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The XRP price recently rose to the highest level in three years of $1.6, marking a major milestone in the cryptocurrency’s recent bullish rally. This remarkable price movement has caught the attention of many analysts as investors continue to predict the trajectory of the price.
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There are basically two ways the XRP price can rise from this point: a continued rise or a notable correction. One in between is a consolidation pattern.
CrediBULL Crypto shared its insights on the possible paths the altcoin could take next. Using the Elliott Wave Theory, he highlighted two scenarios that could shape the near-term future of XRP.
What is the next path for the XRP price?
According to CrediBULL CryptoXRP’s recent rally shows a textbook example of an impulsive five-wave move, complete with clearly recognizable sub-waves. This pattern confirms that the cryptocurrency has likely reached its all-time low at the November low of $0.49, which is a strong foundation for the current uptrend.
The impulsive wave structure suggests that the crypto is at a crucial juncture, and its future trajectory depends on whether it maintains specific price levels.
The first possibility concerns XRP’s failure to maintain its position above $1.05, which is the origin of the fifth subwave in the current impulsive structure. Should this level break, it would confirm that XRP price is in a larger Wave 2 correction.
According to the Elliot Waves theory, Waves 2 and 4 are corrective waves, while waves 1, 3 and 5 are the main bullish waves. This correction, while bearish in the short term, would lay the foundation for an even stronger Wave 3 rally in the future.
CrediBULL Crypto predicts a very different outcome if the XRP price manages to stay above the $1.05 level. Holding above the $1.05 level would indicate that the fifth subwave is expanding. In this case, the analyst predicted that the XRP price will cross the $2 mark before experiencing a substantial pullback.
The Way Forward for XRP
XRP, which has hovered below the $1 threshold for the past three years, has now firmly established itself above this crucial point. XRP’s recent price surge to $1.6 suggests that the cryptocurrency is in a stronger position to reach the $2 milestone rather than retreating into a significant correction. This bullish sentiment is reinforced by speculation surrounding SEC Chairman Gary Gensler expected discharge in January 2025.
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XRP’s price increase to $1.6 reflects the growing strength in the market. Nevertheless, the next stage of his journey depends on it major support and resistance levels. At the time of writing, the XRP price is trading at $1.46, having corrected around 8.5% in the last 24 hours. However, the XRP price is still up 175% in the last 30 days.
Featured image from Pexels, chart from TradingView
Credit : www.newsbtc.com
