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Ripple price It recently rose to a three-year high Valued at $1.6, marking an important milestone in the cryptocurrency’s recent bull run. This impressive price action has caught the attention of many analysts as investors continue to anticipate the price path.
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There are basically two ways the price of XRP can go from here: either a sustained move higher or a noticeable correction. What is in between is the pattern of monotheism.
CrediBULL Crypto shared its thoughts on the possible paths the altcoin might take next. Using Elliott Wave Theory, he highlighted two scenarios that could shape XRP’s near-term future.
What is the next path for XRP price?
according to CrediPool CryptoThe recent rise of XRP shows a typical example of a five-wave impulsive movement, complete with clearly identifiable sub-waves. This pattern confirms that the cryptocurrency has likely reached an absolute bottom at the November low of $0.49, which is a solid foundation for its current uptrend.
The impulsive wave structure indicates that cryptocurrencies are at a pivotal juncture, and their future path depends on whether they maintain specific price levels.
The first possibility revolves around XRP failing to maintain its position above $1.05, which is the origin of the fifth sub-wave in the current impulsive structure. If this level is broken, it will confirm that XRP price is in a larger wave 2 correction.
According to elliott wave theory, Waves 2 and 4 are corrective waves, while waves 1, 3 and 5 are major bullish waves. Before this correction, although bearish in the short term, lays the foundation for a stronger wave 3 rally to come.
CrediBULL Crypto expects a completely different outcome if the XRP price manages to hold above the $1.05 level. Holding above $1.05 indicates that the fifth sub-wave is expanding. In this case, the analyst predicted that the price of XRP would cross the $2 mark before seeing any significant pullback.
The road ahead for XRP
XRP, which has remained below the $1 threshold for the past three years, has now established itself firmly above this pivotal mark. The recent surge in XRP prices to $1.6 indicates that the cryptocurrency is in a position Stronger position to target $2 guru Instead of retreating into a major correction. This bullish sentiment is reinforced by speculation around SEC Chairman Gary Gensler Expected resignation in January 2025.
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The rise in the price of XRP to $1.6 reflects its growing power in the market. However, the next stage of her journey depends on it Key support and resistance levels. At the time of writing, the price of XRP is trading at $1.46, having corrected approximately 8.5% over the past 24 hours. However, the price of XRP is still up 175% over the past 30 days.
Featured image from Pexels, chart from TradingView