XRP in a Crucial Phase, Will the Correction Lead to a Rally or Further Declines?

XRP recently made waves by hitting an impressive high of $2.91.However, after reaching that peak, the price has started to pull back and consolidate in a descending channel, testing some important support levels. 

Now, the big question is whether XRP will hold steady at $1.82 and stage a comeback, or if we’re in for a deeper dip, possibly towards $1.6 or even $1.3.

What’s Happening Right Now with XRP?

On December 3, XRP reached a new yearly high of $2.91, after hitting that high, the price entered a correction phase, dropping into a descending channel and hitting a low of $1.9
This kind of price action fits into what’s called an ABCD correction, a pattern where the price retraces a portion of its previous move. 

In XRP’s case, it’s pulled back to around the 0.382 Fibonacci retracement level. This is a crucial support zone, so all eyes are on this area to see if XRP can hold here. If it does, there’s a good chance we could see another leg up, potentially targeting previous highs or even some Fibonacci extension levels.

Key Support Levels to Watch

The $2 level is the key area to keep an eye on. If XRP manages to stay above it, that could be a sign that the correction is over and a fresh rally could be on the way. 

But if the price drops below this support, we might be looking at a deeper pullback, with $1.9 and $1.76 as the next important levels to watch.

What’s Next for XRP?

XRP is at a bit of a crossroads right now. After hitting $2.90 and completing its bullish wave, the price is now in a corrective phase, and it’s all about whether it can hold key support levels. 

In the coming days, XRP’s price action will reveal if we’re looking at the end of this correction or if the bearish trend has more to play out. Either way, it's going to be an interesting ride for XRP traders and investors!