XRP has been on a remarkable journey in the cryptocurrency market since early November, when it ended a long period of sideways trading in the face of regulatory pressure and emerged into a staggering rally.
Still, through its surge, the token has also experienced significant volatility, with several violent – if brief – corrections. One cryptocurrency analyst, CrediBULL Crypto, however, sees such performance as profoundly bullish for XRP.
Specifically, per the expert’s analysis, there are ‘NO coins in the space right now that have printed such clear impulsive PA on their rises’ as XRP, and concluded that such performance demonstrates the strength and momentum behind the token.
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Furthermore, such clarity in the chart enables investors to spot both impulsive and corrective price action easily, and the analyst believes it will all lead XRP ‘to outperform the entire market in the coming months.’
How has XRP’s latest correction affected the forecast?
In the X post, CrediBULL Crypto also reflected on the token’s latest price action. Specifically, he predicted that XRP was, at the time of the tweet, nearing the end of the corrective move and that, once it emerges from the ravine, it will be ‘show time (again).’
At the time of the post – very early in the morning of December 11 – XRP started exiting a violent downturn that sent it from approximately $2.41 on December 9 to as low as $1.98 on December 10 before retracing.
At press time on December 11, the pseudonymous analyst’s forecast appears to be coming to fruition. The token has recovered to about $2.34 and is currently 4.30% in the green in the 24-hour chart.
Elsewhere, the 7-day chart demonstrates the severity of the recent downturn, as XRP remains 10.91% in the red in that time frame. Expanding to the 30-day chart shows just how much the cryptocurrency rallied in recent weeks: It is up 236.89%.
What is next for XRP price?
Finally, XRP’s future appears bright at press time. Indeed, Donald Trump’s re-election – and the expectation his administration will be far more crypto-friendly than Joe Biden’s – paired will Ripple Labs’ recent courtroom gains against the Securities and Exchange Commission (SEC).
It is, indeed, worth remembering that the legal battle between the digital assets company and the regulator had been the major reason behind the token’s depressed prices for years.
January is also set to be a big month for XRP as Donald Trump will officially assume office, SEC Chair Gary Gensler will resign, and the final chapter in Ripple’s courtroom fight might be closed.
Simultaneously, there appears to be no shortage of catalysts in December, as Ripple reportedly received final approval for its stablecoin, RLUSD. Again, it is worth remembering that one of the triggers for the latest correction was the rumor that RLUSD was imminent, followed by a rebuke that the stablecoin wasn’t quite ready.
Simultaneously, though not necessarily signaling an imminent launch, the RLUSD news coincided with the end of the latest XRP correction and likely helped the token regain upward momentum.
