XRP Price Analysis: Support Levels, Wave Structure, and Future Predictions for 2024

December 9, 2024 BACK TO NEWS

XRP stays above key support levels, with potential for a bullish wave 3 rise, aiming for $5–$10 range if momentum holds - IcoHolder.

Ripple’s XRP has recently entered a phase of consolidation, drifting into the red zone but still managing to stay above the crucial $2.50 mark. At the time of writing, XRP is holding above its 2021 breakout point and remains above $1.96, a key level for maintaining bullish momentum. The cryptocurrency is currently fluctuating between its all-time high of $3.30 and the 2021 high of around $1.96, with these levels creating notable support and resistance zones.

Wave Structure and Bullish Potential

XRP is following a larger price structure that suggests it is currently in the third wave of a broader bullish cycle. Following the market bottom in June 2022, waves 1 and 2 were completed, and now XRP is progressing through wave 3. This wave is expected to push the price higher in the coming months, with potential targets ranging between $5 and $10. However, predicting an exact price is still too early until the price tops in wave 3 and then bottoms in wave 4.

Despite the recent pullback, the larger trend remains positive, and the current correction appears to be part of the third wave within an overall uptrend. As such, the outlook for XRP remains bullish, with substantial upside potential if it holds above key support levels.

Key Support Levels to Monitor

The primary support zone for XRP is currently between $1.79 and $1.96. These levels are crucial in determining the direction of the next price movement. If XRP falls below these levels, the next key area of support would be the orange zone, signaling a possible larger correction. However, given the structure of the third wave, which typically shows rapid price movements, any correction could be temporary, as long as the support levels hold.

As long as the price stays above these support levels, XRP’s long-term bullish outlook remains intact, and the currency is likely to resume its upward momentum once the correction phase concludes.

Rapid Price Action and Potential Pullbacks

The speed of XRP’s recent upward movement has been faster than usual, which suggests the possibility of stronger short-term pullbacks. While such rapid price action is not unusual during wave 3, it may cause some volatility and corrective phases along the way. Despite these potential pullbacks, the overall trend remains bullish as long as the key support zones hold, allowing XRP to continue its ascent toward higher price targets.

Smaller Timeframe Correction and Triangle Pattern

On the smaller timeframes, XRP is currently undergoing a correction, which could be a sideways movement or a counter-trend move. A triangle pattern seems to be forming, a common formation in crypto markets that often leads to a breakout. If this pattern continues to develop, it may signal the next upward price movement, marking a continuation of the larger bullish trend.

What’s Next for XRP?

In summary, while XRP is currently facing some price consolidation and potential short-term pullbacks, the broader long-term outlook remains highly positive. If the third wave continues as expected, XRP could eventually reach the $5 to $10 range. Key support levels at $1.79–$1.96 will be critical in determining whether the price can maintain its upward trajectory.

For investors and traders, keeping an eye on these support zones, as well as any breakout signals from the ongoing triangle pattern, will be essential for predicting the next phase in XRP's price journey.