XRP Price Hits Three-Year High of $1.6 with Two Potential Futures

The XRP price recently surged to a three-year high of $1.6, marking a significant milestone in its bullish rally. This movement has attracted attention from analysts as investors assess the price trajectory.

Next Path for XRP Price

According to CrediBULL Crypto, XRP's recent rally follows a five-wave impulsive move, indicating it has likely reached a bottom at the November low of $0.49. The future trajectory depends on maintaining specific price levels.

If XRP fails to stay above $1.05, it could indicate a larger Wave 2 correction, as per the Elliott Waves Theory. This correction would be bearish short-term but could set up a stronger Wave 3 rally later.

If XRP holds above $1.05, it suggests an extension of the fifth subwave, with potential to surpass the $2 mark before any significant pullback.

The Road Ahead for XRP

XRP has established itself above the $1 threshold after lingering below it for three years. The recent surge to $1.6 positions the cryptocurrency to target the $2 milestone rather than face a significant correction. This sentiment is bolstered by speculation surrounding SEC Chairman Gary Gensler’s anticipated resignation in January 2025.

Despite an 8.5% correction in the past 24 hours, the XRP price remains up by 175% over the last 30 days, trading at $1.46 at the time of writing.

Featured image from Pexels, chart from TradingView