Has XRP Price Quietly Set Up A Rally To $1?

XRP (XRP) lagged behind the broader cryptocurrency market in 2024, posting a decline of more than 15% year-to-date, while other assets gained about 20% over the same period.

However, a mix of fractal and technical indicators indicate the potential for a major XRP price rebound in the coming weeks.

XRP's bullish reversal setup suggests a 100% profit

The weekly chart of XRP is showing signs of a bullish reversal, forming an inverse head and shoulders pattern.

The technical setup shows a left shoulder formed between May and December 2022, a head in June 2023, marking the low point, and a developing right shoulder from August 2024.

A critical neckline, a downtrend that connects the shoulders and head highs, sits near the $0.65–$0.66 range.

According to technical forecasts, a successful breakout above the neckline will see the price of XRP rise to $0.90 to $1.00 in 2024, which is calculated by adding the difference between the neckline and the head low (approximately $0.42) to the breakout point. These aggressive targets are 100% above current price levels.

Adding to the potential breakout, XRP is trading above the 50-week (red) and 200-week (blue) moving averages (EMA). A critical march beyond these levels reinforces the young man's narrative.

However, downsides remain if XRP price pulls back after testing the neckline as a resistance. This level coincides with multi-year downtrend line resistance.

Balanced triangle on XRP monthly chart

A large symmetrical triangle on a monthly chart is another bearish sign, which—as noted by veteran market analyst Charles Bulkowski—often leads to large profits.

If XRP breaks above the upper trendline, it could indicate a broader bullish trend. The expected upside is estimated by multiplying the height of the triangle by the widest point (roughly the difference between $3.90 and $0.17, or $3.73) and adding that to the breakout level.

Based on this calculation, a move up from the current level to $0.53 could target $4.20 or higher as indicated by the Fibonacci retracements on the chart. The nearest resistance is in the 0.236-0.382 Fib range, or around $0.71-1.05, coinciding with the IH&S bullish reversal target.

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The 50-month EMA at $0.526 also acts as volatile support. Staying above this level increases the potential for XRP to reach $1 in late 2024 or early 2025.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.