The XRP price continues to exhibit a notable display of strength despite its corrective phase since it reached above $2.8 on December 3 for the first time in almost seven years. 

Interestingly, technical analysis shows the corrective phase has been highlighted by an ABC corrective pattern on the daily candlestick chart. Consequently, the XRP price now seems to be gearing up for a breakout to new all-time highs above $5.8 and as high as $18.22.

ABC Corrective Wave Pattern Nearing Completion

XRP bulls have managed to hold above the $2 mark since the beginning of December in what seems like a new price floor for the cryptocurrency. According to technical analysis of the XRP price by crypto analyst Dark Defender, this corrective phase played out in three waves A, B, and C. 

The ABC corrective pattern is a structure often seen during consolidations before a continuation of the primary trend. Waves A and C were downtrend corrective waves, while Wave B was highlighted by a move to the upside. Furthermore, the analysis shows that these up-and-down movements were confined below a daily resistance trendline.

As it stands, XRP’s price movements in the past two days have been of the bullish nature, and the cryptocurrency is now on the verge of breaking above the daily resistance trendline. As Dark Defender noted, XRP has almost finalized the playout of the ABC corrective wave pattern. 

The analyst pointed out that confirmation of this pattern hinges on the ability of the XRP price to break through the critical resistance level at $2.52. Recent XRP price movements suggest that this break is expected to be achieved soon, with Dark Defender projecting the move to occur within the next 24 hours. If realized, it could mark the start of a new bullish phase, with an initial target of $5.85.

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Author: Scott Matherson