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XRP Price Prediction For December 24
Ripple’s XRP is currently trading above the crucial $2.15 level at the time of writing, having increased by more than two percent. According to analysts, the XRP market remains in an uptrend on a larger timeframe, with key support found between $1.50 and $1.79.
As long as XRP holds above these levels, the focus will shift towards higher price targets. However, it is essential to note that the market remains fragile, and the breakout point has not been fully established yet.
Presently, XRP is in a consolidation phase, but there is still potential for upward movement. A successful breakout and further momentum could lead to an attack on the all-time high, which remains a strong possibility in the near future. However, a drop below the $1.96 level would shift the focus towards the key support zone between $1.50 and $1.79.
Short-Term Outlook: Sideways Consolidation
The price action appears to be in a sideways consolidation pattern, similar to what is seen on the HBAR chart. This consolidation could represent an Elliott Wave triangle pattern, which often precedes boring price movements. The triangle consists of five waves, and we are currently in the process of completing these waves.
To confirm the continuation of this pattern, XRP would need to hold above the low of the C-wave at $1.94. If the price falls below $1.94, XRP could enter a Fibonacci support zone between $1.39 and $1.80, where further consolidation or correction may occur.
Conclusion: Waiting for Confirmation
Currently, there is little new development in the market as XRP is either consolidating or showing minimal movement. The key levels to watch are $1.96 to the downside and the B-wave high around $2.72 to the upside. Any movement beyond these points will provide clearer direction, but until then, we remain in a wait-and-see mode.
The current consolidation phase of XRP could potentially lead to higher prices if it holds above key levels. However, a drop below crucial support would require a re-evaluation of the price prediction.
Source: coinpedia.org
