Emily Walker
The XRP price is demonstrating remarkable resilience, especially after surpassing $2.8 on December 3 for the first time in nearly seven years, despite entering a corrective phase.
Technical analysis indicates that this corrective phase appears as an ABC corrective pattern on the daily candlestick chart. This suggests that the XRP price is preparing for a potential breakout, possibly reaching new highs beyond $5.8 and even up to $18.22.
Completion of the ABC Corrective Wave Pattern
Since early December, XRP bulls have successfully kept the price above $2, establishing a new baseline for the cryptocurrency. Analyst Dark Defender details that the ABC corrective phase unfolded in three distinct phases: A, B, and C.
The ABC corrective pattern typically occurs during a consolidation period prior to a continuation in the prevailing trend. Waves A and C were identified as downward movements, while Wave B indicated a rise. These fluctuations remained below a significant daily resistance trendline.
Currently, XRP’s price activity over the past few days has been predominantly positive, positioning itself to break through this daily resistance trendline. According to Dark Defender, the ABC corrective wave pattern is nearing its completion.
The vital factor for validating this pattern is XRP’s ability to surpass a key resistance level at $2.52. Recent trends suggest that this breakthrough may happen soon, with Dark Defender anticipating it could occur within the next 24 hours. Achieving this could signal the beginning of a new bullish phase, with an initial target of $5.85.
Path Towards $5.85 and Beyond $18.22
Dark Defender detailed a two-step price path for XRP following the potential breakout. The first major resistance point is set at $5.85, aligned with targets identified through the Fibonacci extension indicator. Reaching this level requires surpassing XRP’s all-time high of $3.40, which has remained the longest-standing peak among cryptocurrencies.
Additionally, achieving the $5.85 mark would elevate XRP’s market capitalization to nearly a trillion dollars, growing from its current fully diluted valuation of $244.03 billion. The analyst further predicts that surpassing the $5.85 level could lead to a substantial rally toward $18.22.
As of this writing, XRP is trading at $2.44, reflecting a growth of about 5% over the last 24 hours. If XRP hits the $5.85 and $18.22 targets, it would signify an increase of 140% and 645%, respectively, from its current trading price.