XRP, associated with Ripple, might surge to $11, but first, it may face a short-term price correction. Analysts suggest overcoming the resistance at $2.73 is crucial to avoid a dip to $2.05, setting the stage for an eventual rally. Currently, XRP consolidates in a bull pennant pattern.
Analysts using the Elliott Wave Theory predict an ABC correction pattern before XRP's next big move, possibly ending by mid-January 2024. This phase aims to offer a buying opportunity, potentially leading to significant gains in subsequent months.
Despite short-term risks, enthusiasm around XRP is rising due to a positive outcome in Ripple's court case against the SEC, enhancing its investment appeal. While a correction may occur, the long-term outlook remains positive for XRP, and traders must remain watchful for key resistance levels. XRP trades at $2.41, marking slight daily and weekly gains.
