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 launched into a stunning rally.
However, during its rise, the token also experienced significant volatility with several sharp, albeit brief, corrections. One cryptocurrency analyst, CreditBULL Crypto, however, he considers such results extremely optimistic for XRP.
In particular, according to the expert’s analysis, “there are currently no coins in the world that have shown such a clear impulsive PA in their growth” as XRP, and concluded that such performance demonstrates the strength and momentum of the token.
Additionally, such clarity on the chart makes it easy for investors to spot both impulsive and corrective price action, and the analyst believes this will all lead to XRP “outperforming the overall market in the coming months.”
How did the latest XRP correction affect the forecast?
In post X CrediBULL Crypto was also reflected in the latest change in the token price. Specifically, he predicted that at the time of the tweet, XRP was nearing the end of a corrective move and that once it comes out of the ravine, it will be “show time (again).”
At the time of publication – very early in the morning of December 11th – XRP had begun to emerge from a severe slump that saw it fall from around $2.41 on December 9th to as low as $1.98 on December 10th before pulling back.
As of publication on December 11, the pseudonymous analyst’s forecast appears to be starting to come true. The token has recovered to around $2.34 and is currently in the 4.30% green on the 24-hour chart.
Elsewhere, the 7-day chart demonstrates the severity of the recent decline as XRP remains 10.91% in the red during this time frame. An extension of the 30-day chart shows how much the cryptocurrency has gained in recent weeks: it is up 236.89%.
What’s next for the XRP price?
Finally, at the time of publication, the future of XRP appears bright. Indeed, Donald Trump’s re-election – and the expectation that his administration will be much friendlier to cryptocurrencies than Joe Biden’s – is coupled with Ripple Labs’ recent successes in the courtroom against the Securities and Exchange Commission (SEC).
Indeed, it is worth remembering that the legal battle between the digital asset company and the regulator was the main reason for the decline in token prices for many years.
January will also be a big month for XRP as Donald Trump officially takes office, SEC Chairman Gary Gensler steps down, and the latest chapter in Ripple’s legal battle could be closed.
At the same time, there appears to be no shortage of catalysts in December as Ripple has reportedly received final approval for its stablecoin RLUSD. Again, it’s worth remembering that one of the triggers for the latest correction was the rumor that RLUSD was imminent, followed by accusations that the stablecoin wasn’t quite ready.
Coming soon…we’ve received final approval from @NYDFS for $RLUSD! Lists of exchanges and partners will be published soon – and a reminder: when RLUSD launches, you’ll hear about it first from @Ripple.
— Brad Garlinghouse (@bgarlinghouse) December 10, 2024
Simultaneously, although not necessarily signaling an imminent launch, the RLUSD news coincided with the end of XRP’s latest correction and likely helped the token regain upward momentum.
