XRP has completed its ABC correction, signaling potential for a bullish move. Technical indicators support growing buying pressure.
XRP's ABC Correction and Bullish Reversal
Following recent price movements, XRP successfully completed its ABC correction. The asset surged to $2.90 on December 3, then retraced to $2.16 in wave A. In wave B, it briefly rebounded to $2.65 before dipping below $2.00 in wave C to finalize the correction. Now, XRP has exited a descending parallel channel, reclaiming key price levels. If bullish momentum continues, a potential move toward $3.62 may be underway.
Technical Indicators Show Strength
The market’s renewed interest is evident in rising trading volume. The Relative Strength Index (RSI) is recovering from the oversold zone, moving towards neutral-bullish territory. A breakout above 50 could further confirm the uptrend. Meanwhile, Bollinger Bands indicate increased volatility as XRP rebounded from the lower band. However, the 20-period EMA at $3.08 acts as a short-term resistance level. Additionally, the MACD indicator signals growing bullish momentum after crossing above the signal line. Yet, with the histogram remaining flat, more buying pressure is needed for a sustained breakout. Analysts suggest that if XRP stays above $2.60, it could surge towards $3.45 – $3.62.
Can XRP Reach $3.62?
For XRP to maintain its upward trajectory, it must break the descending trendline on the daily chart. Experts believe that a daily close above $3.20 could provide a strong foundation for a rally toward $3.45 and $3.62. However, if resistance around $3.00 – $3.10 holds, XRP may consolidate between $2.80 – $3.00 before attempting another breakout.
Thus, successfully overcoming resistances and holding key levels could pave the way for XRP to achieve significant targets.
