Cryptocurrency

Bullish Technical Pattern Says XRP Could Hit $1 Soon

XRP, one of the most popular cryptocurrencies, has struggled with underperformance for much of this year. While the broader cryptocurrency market has experienced significant gains, XRP has faced a downturn, declining by more than 4% in recent weeks and 10% in the last month.

In contrast, other major digital assets have seen price increases of over 15%. However, despite this underwhelming performance, XRP’s technical chart suggests a potential reversal is on the horizon.

Recent analysis indicates that XRP may be forming an inverse head and shoulders pattern on its weekly chart. This pattern often regarded as a reliable indicator of a bullish trend reversal.

The left shoulder of this formation began forming in May 2022 and continued through to December 2022, with the head appearing in June 2023. Since August 2024, the right shoulder has been developing. The completion of this pattern points to a critical resistance level — the neckline — located around $0.65 to $0.66.

If XRP breaks above this zone, the price could rally toward the $1 mark. Historically, this price target aligns with expectations for this type of pattern. However, to solidify the bullish outlook, traders will also be watching whether XRP can maintain its position above the 50-week and 200-week exponential moving averages. If the price stays above these key technical levels, market confidence in a sustained upward move is likely to grow.

Symmetrical Triangle spotted on XRP’s Monthly Chart

In addition to the weekly chart, longer-term indicators show a positive outlook. On the monthly chart, XRP is exhibiting a symmetrical triangle pattern. This type of technical formation often signals an impending significant breakout, which, if confirmed, could lead to much higher price levels. According to some technical projections, if XRP can break above the upper trendline of this pattern, it could potentially surge to as high as $4.2.

While XRP has underperformed in recent months, these technical developments provide a reason for cautious optimism among traders and investors. A clear breakout above the $0.65-$0.66 resistance level could catalyze a stronger rally.

Furthermore, the price action around the 50-week and 200-week exponential moving averages will be a critical factor in determining whether this bullish scenario plays out. Should the cryptocurrency hold above these moving averages, the likelihood of a sustained upward trend increases significantly.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

Recent Posts

Teenager Who Made $300 Million From Dogecoin (DOGE) Reveals Why WallitIQ Is The Next BTC-Like Altcoin That Can Make You A Millionaire

The cryptocurrency market is no stranger to unexpected success stories, but few are as captivating…

19 minutes ago

Discover What Are The Best Cryptos to Buy in November 2024: Featuring Qubetics, Algorand, and Cosmos

As we dive into November 2024, the crypto market is buzzing with new opportunities. Algorand…

1 hour ago

Bank for International Settlements Makes ISO 20022 Adoption Claim For XRP and XLM

The integration of ISO 20022 as a global messaging standard for financial transactions is a…

2 hours ago

Best Cryptos to Buy in November 2024: Learn More About Qubetics, Polkadot, and Avalanche

The crypto market is buzzing again, and November 2024 is shaping up to be one…

5 hours ago

XRP Price Spikes As SEC Chair Gensler Officially Announces Resignation Date

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), has officially announced he…

5 hours ago

The Best Casino Games That You May Be Overlooking

Asking a bettor what their favorite casino games are will always result in one of…

6 hours ago