XRP, the cryptocurrency associated with Ripple, has been experiencing a correction in its price since December 3. The technical analysis of the XRP price has shown the presence of corrective waves, with the cryptocurrency currently trading between crucial Fibonacci levels. Crypto analyst Dark Defender pointed out on social media platform X that the price ranges of $2.13 and $2.92 are pivotal for XRP.
The XRP price reached a peak of $2.92 earlier in the month before facing a correction that brought it down to a support level at $2.17. This support level is just above the 161.80% Fibonacci extension level at $2.13, making it a critical point for the future direction of the XRP price. Dark Defender highlighted that both $2.92 and $2.17 are crucial levels to monitor, with a rebound from $2.17 suggesting that the correction may be reaching its bottom.
The analysis of the XRP price is based on a three-corrective-wave pattern consisting of Waves A, B, and C. Waves A and C represent downward trends, while Wave B reflects an upward move. If this pattern repeats itself, the XRP price could climb to $2.92 before potentially retesting the support at $2.13. The current structure may take a few days to resolve, leading to the XRP price trading between these levels before a decisive move either upwards or downwards.
Recent market factors suggest a potential break to the upside for the XRP price, which could result in new multi-year highs. The nomination of Paul Atkins, a crypto-friendly figure, to lead the SEC by President-elect Donald Trump has sparked optimism in the market. Atkins’ potential leadership could bring an end to the SEC-Ripple legal feud, potentially attracting significant institutional and retail inflows into the XRP ecosystem. As of the time of writing, the XRP price is trading at $2.37, reflecting a 2.9% increase in the past 24 hours.
