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XRP Price Prediction For December 26
As we approach the end of the year, investors are eagerly awaiting any potential price movements from Ripple (XRP). In today’s article, we’ll take a closer look at the current market situation and provide you with our XRP price prediction for December 26.
At present, XRP is trading within a range, which is not unusual during the holiday season. The market has been quiet, and there hasn’t been any significant breakout in price yet. Currently, XRP is down by more than two percent and is trading at $2.25.
Potential Triangle Pattern Developing
From a technical standpoint, it’s possible that XRP could be forming a triangle pattern. This type of pattern typically signals a period of consolidation before a breakout. However, it’s essential to note that triangles are not always reliable and this pattern doesn’t seem fully developed just yet. It’s crucial to be cautious as the pattern could evolve into something different, and a clear breakout may still be some time away.
Possible Scenarios
XRP’s price could go in two possible directions: an upward breakout scenario or downside risk.
Upward Breakout Scenario:
A breakout to the upside remains possible, but at this stage, the triangle doesn’t seem fully developed. If the correction is to complete, it may need more time either through a continued D-wave in the triangle or through a downward move. If the market stays above the recent support level of around $1.94-$1.95, XRP could potentially move higher and target the $2.59 level, which would be a significant milestone in this pattern.
Downside Risk:
If XRP fails to break higher and instead breaks below the $1.94-$1.95 support, the price could fall to lower support levels. Key levels to watch on the downside include $1.80, $1.63, and $1.53. The $1.40 region is particularly important, as it aligns with a common retracement target for corrective phases.
Conclusion
XRP’s price action has reached a critical point. While an upward breakout could still happen, the triangle pattern is not yet fully complete, and there are several potential corrective scenarios to consider.
Source: coinpedia.org
