XRP price prediction for December 8

Ripple's XRP is up more than six percent in the last 24 hours and is trading near the $2.60 levels. XRP currently holds above its 2021 high, which was around $1.96. The price recently broke above this key level and has yet to break below it.

current wave structure

Given the market structure, XRP may be in the fourth wave of the larger third wave in a continuous labor cycle. The recent pull followed a three-wave pattern, and this is seen as a correction to the fifth wave that could push the price to the $5 to $10 range. Although the price may rise slightly, this remains the most reasonable expectation for now, but it may change when more data is available.

Support and resistance levels:

Looking at support, the critical range is between $1.50 and $1.79. As long as the price remains above this support area, the bullish situation remains valid. In terms of resistance, the next levels are $2.60, $2.73 and $2.81. These levels can serve as potential points where the price may face selling pressure if the uptrend continues.

Price Action and Expectations:

Currently, XRP is experiencing a correction in a major uptrend which is part of the fourth wave. This wave is expected to end before the price goes higher. If the price breaks below the $2.38 and $2.17 levels, this indicates that a bearish move is coming.

However, there is strong support around the 2021 high, which should help stabilize the price. Although the market is currently in a temporary correction, there is no sign of it happening. Corrections can sometimes be significant in the crypto market, but they are a normal part of the cycle, especially during bullish phases.