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Ripple’s XRP rallied beyond $2.71 on December 17 after the launch of the much-awaited RLUSD stablecoin. However, XRP has hit reverse after touching $2.71 and is now trading at $2.55 level. XRP has strong support near the $2.40 levels and currently, the market is moving in the right direction and may rise slightly higher.
A micro support region has been established between $2.55 and $2.62, though there is no immediate expectation for this level to be tested. The third wave is still unfolding, with a 100% extension reached. The ideal target for this third wave is around $2.81, but support should ideally remain above the current levels. Anything below this would be considered a deeper pullback, but still within the range of micro structures.
The third wave is expected to extend higher, followed by waves 4 and 5, which could push XRP to retest its all-time high. However, the structure is currently fragile, and while the price movement is not as impulsive as previous rallies, support levels are holding firm.
Breakout to $3.80 on Cards?
According to analyst Josh of Crypto World, XRP has solid support around $2, where previous resistance is now acting as support. There haven’t been significant changes for XRP recently, but in the short term, the price is continuing its bullish breakout from a bull flag pattern.
This breakout started a few days ago, and now we are seeing stronger bullish momentum. XRP has recently made new higher highs, confirming the breakout. This is a positive price structure, with higher highs and higher lows forming.
The price target for this bullish flag breakout is around $3.80, which represents a potential 40% to 60% move up from the breakout point. The target remains active since the breakout has been confirmed, and previous resistance is now acting as support.