XRP Price Analysis and Forecast for December 6

XRP is one of the most prominent cryptocurrencies that is witnessing exciting price developments. Currently, the coin is trading below the $2.30 level, after entering the bearish zone. However, it is noted that the coin has achieved an increase of more than 50% over the past week, indicating a lot of interest in it. The market is now witnessing a phase of sideways volatility after a strong upward wave, with the price still above the 2021 bull market peak.

Current wave structure

  • XRP is in the third major phase of a long-term bullish cycle.

    Within this movement, there are smaller sub-waves, and the currency is now believed to be in wave four, which is corrective in nature.


    Although a deeper correction is possible, the overall trend remains positive.

Support and resistance levels

  • There is no current confirmation of a major correction starting, but analysts are watching key support levels.

    The price may find strong support between $1.15 and $1.79 in case of a pullback.

Market Condition: Correction or Continuation of the Rise?

  • The data indicates that the market is in a corrective phase, and the price may continue to move sideways or see a slight decline.

  • Corrections often cause volatility without a clear direction for a short period, before the main trends resume.


  • Future goals

  • If the price goes back up, the next targets could be between $3.20 and $3.30, which are levels that have been achieved previously.

  • There is also a chance of reaching $4.20 if the bullish momentum continues.

  • It largely depends on the market's ability to hold above crucial support levels.

Support levels on short time frames

  • There are important support levels between $2.33 and $2.06, with an additional point at $2.21.

  • So far, no impulsive moves have been seen, keeping the market in a state of anticipation.

  • The price may form a triangle pattern with sideways movement for a period before a breakout occurs.

Conclusion:

XRP is going through a correction phase that may be short-term, but the overall uptrend is still intact. It is advisable to watch the support levels carefully and wait for clear reversal signals before making investment decisions. As the anticipation continues, XRP may be on the verge of making new price jumps.

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