In 2024, XRP saw a notable decline that underperformed the broker cryptocurrency market. This year, the number of cryptocurrencies increased by 20%, whereas XRP decreased by more than 15%. Nevertheless, technical indicators suggest a potential change shortly.
An optimistic investor sentiment has emerged on XRP’s weekly chart. The pattern depicts a left shoulder developing between A right shoulder taking shape since August 2024, a head at its lowest position in June 2023, and May and December 2022.
The pivot, which connects the pattern’s high points and id between $0.65 and $0.66, is the crucial area to watch. Technical forecasts indicate that if it breaks over this level, prices could rise from $0.90 to $1.00 by the end of 2024, a 100% increase from current levels.
A trader who goes by the name Crypto Bitlord believes that XRP is undervalued. He compares the current state to the time when its price spiked from $0.04 to $3.00. He believes the recent drops present strategic purchasing opportunities and projects that XRP may reach $27.00, a noteworthy forecast.
Furthermore, XRP has recently crossed two important technical levels—the 200- and 50-week exponential moving averages (EMAs)—indicating strong bullish momentum. This increase suggests that traders are becoming increasingly optimistic, suggesting the possibility of a larger breakout. Maintaining this momentum could reinforce the bullish trend and set the stage for a longer upward trajectory.
Nevertheless, a pullback before or following the neckline resistance test may indicate a potential decline. Additionally, this resistance level is consistent with a long-term declining trend, which raises the possibility of regression.
XRP Shows Bullish Signal In Symmetrical Triangle
Another positive indicator emerges from a symmetric triangle pattern on XRP’s monthly chart, frequently seen as a precursor to future price increases. A break above the triangle’s upper trend line may suggest a wider posterior. The analyst measures the most comprehensive section of the triangle to project this upward. A breakout from the current level of $0.53 might drive it to a target of $4.20 or higher, supported by the Fibonacci extensions mentioned in the chapter.
However, resistance may exist before XRP reaches this target. The price may remain within the 0.236–0.382 Fibonacci range, corresponding to the $0.71–$1.05 zone and matching the positive relative trend of a head-and-shoulders pattern.
XRP trades near the 50-month exponential moving average (EMA) of $0.526, which is critical support. Maintaining this level could signal future gains, perhaps reaching $1 by late 2024 or early 2025.
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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
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