As a seasoned crypto investor who’s weathered numerous market cycles and trends since the early days of Bitcoin, I find myself optimistic about XRP‘s current trajectory. The ABC corrective wave pattern, while common during consolidations, has often served as a precursor to significant price surges in my experience.
As a crypto investor, I’ve noticed that even during its correction phase, the XRP price has shown remarkable resilience, managing to maintain a strong showing, having surpassed $2.8 for the first time in nearly seven years on December 3.
It’s worth noting that the technical analysis indicates a corrective phase, which is suggested by an ABC corrective pattern on the daily candlestick chart. This could mean that the price of XRP is preparing for a breakout, potentially reaching new record highs surpassing $5.8 and even climbing up to $18.22.
ABC Corrective Wave Pattern Nearing Completion
As a researcher, I’ve observed that the value of XRP has consistently remained above the $2 mark since December’s onset, suggesting a potential new support level for this cryptocurrency. Following Dark Defender’s technical analysis, it appears that this phase of correction unfolded in three distinct waves – A, B, and C.
In simpler terms, the ABC corrective pattern is a common structure that appears during periods of consolidation before a resumption of the main trend. Waves A and C are corrective moves in a downtrend, while wave B shows an upward movement. Importantly, these fluctuations occurred below a daily resistance trendline.
Over the last couple of days, I’ve noticed a surge in the price of XRP, hinting at a bullish trend. This digital currency is now poised to surpass its daily resistance trendline. As Dark Defender pointed out, we seem to be nearing the end of an ABC corrective wave pattern for XRP.
The analyst noted that for this pattern to be confirmed, the XRP price must surpass the significant barrier at around $2.52. Latest XRP price fluctuations hint that this hurdle might be overcome imminently, as per Dark Defender’s prediction within the next 24 hours. If successful, it may herald the beginning of a fresh bullish trend, aiming for an initial peak at approximately $5.85.
Road To $5.85 And Beyond To $18.22
Dark Defender detailed a two-part price prediction for XRP after forecasting a breakout. The first major obstacle in this projected rise is at approximately $5.85, which aligns with the objective identified by the Fibonacci extension tool. If XRP manages to reach the $5.85 value, it would require surpassing its current all-time high of around $3.40 – a level that has been unbroken for the longest period among cryptocurrencies.
In addition, this action might propel the XRP market capitalization to surpass the trillion-dollar mark, moving from its fully diluted value of $244.03 billion at present. The analyst anticipates that exceeding $5.85 could trigger a prolonged surge aiming for $18.22.
Currently, XRP is being exchanged for approximately $2.44 per token, marking a rise of around 5% over the past day. If we consider the potential price targets, a move to $5.85 would represent a gain of roughly 140%, while hitting $18.22 would equate to an impressive increase of 645%.
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2024-12-12 19:41