- Crypto analyst CrediBull Crypto forecasts that XRP is entering the third wave of a five-wave bullish cycle, expecting another 700% gains from $2.5.
- Analysts believe breaking $3 could pave the way for a new all-time high, fueled by market optimism around the RLUSD launch and Ripple’s ecosystem growth.
Renowned crypto analyst CrediBull Crypto, an expert in Elliott Wave theory, thinks the XRP price is on the cusp of a major surge. Sharing insights with his 449,000 followers on X, Credible highlights that XRP’s current market structure signals the start of wave three in a five-wave bullish cycle on the four-hour chart.
XRP Price Poised To Hit $20?
According to the Elliott Wave principle, wave three is usually the longest and most substantial part of a bullish trend. Credible’s analysis suggests that XRP might climb to $20 before completing its five-wave sequence, per the CNF report. He describes XRP’s current setup as “incredibly clean and bullish,” focusing on the larger market outlook over short-term fluctuations.
As of yet, XRP price is trading at $2.50, and if it were to reach the $20 price, the altcoin would see an upside of 700%. More notably, CrediBull indicates that a retest of the lower key support level below $2 is still within possibility before XRP resumes its ascent. Based on his models, the XRP price should cross the $3 price barrier in the short term. He then expects it to experience a corrective move, after which it will set new ATHs.
Market Gains With RLUSD Launch
XRP price’s upward rally gained the upper hand from the recent bullish move of the entire crypto market. Mid-November has seen XRP breach its $1 mark and have retaken its $2 levels. Since then, during last month, XRP jumped as high as 135%. The price at current times has been consolidating around the $2.44 mark that is closing into the psychological $3 resistance level.
The launch of Ripple’s stablecoin, Ripple USD (RLUSD), has further boosted XRP’s outlook. Officially launched on December 17, RLUSD operates under the regulatory framework of the New York Department of Financial Services (NYDFS). The stablecoin is available on major platforms such as Uphold, MoonPay, and CoinMENA, giving immediate utility to millions within the Ripple ecosystem.
Historical Context & Price Analysis
XRP last hit an all-time high of $3.317 in January 2018. Since then, the token has been unable to regain such levels. However, its recent rally suggests a possible reversal of this trend. On December 10, XRP fell as low as $1.98 before recovering to $2.50 on market anticipation of RLUSD.
Analysts believe if the Ripple altcoin breaks and closes above $3, all roads may lead to an all-time high. However, given the buzz already generated with the launch of the RLUSD, the upward trajectory for the token suggests that further upside is expected.
CrediBull’s chart details XRP’s road to $20 as part of its broader five-wave rally. The analyst expects XRP to first reach the $3 mark, correct, and then resume its upward trajectory. While short-term price swings are likely, the long-term structure of XRP price is described as overwhelmingly bullish, reported CNF. Hence, the market could witness a fresh all-time high in 2025.
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