CDS Crypto News XRP Underperforms 15% in 2024, but Technical Patterns Point to Major Price Rebound
Crypto News

XRP Underperforms 15% in 2024, but Technical Patterns Point to Major Price Rebound

78
XRP Underperforms 15% in 2024, but Technical Patterns Point to Major Price Rebound

XRP Underperforms Behind Market, Yet Bullish Inverted Head & Shoulders Suggest Price Surge

XRP Underperforms Behind Market, Yet Bullish Inverted Head & Shoulders Suggest Price Surge

As other assets together have gained almost 20% over the same period in 2024, XRP has underperformed the larger cryptocurrency market, with a year-to-date fall of over 15%. There could be a significant XRP price increase in the upcoming weeks, according to a combination of fractal and technical signs.

An inverted head and shoulders pattern is developing on the weekly chart of XRP, suggesting a possible bullish turnaround. A left shoulder, which evolved between May and December 2022, a head in June 2023, which represents the lowest point, and a right shoulder, which has been developing since August 2024, comprise the technological setup.

The fact that XRP is trading above both its 200-week (blue) and 50-week (red) exponential moving averages (EMA) adds to the possible bullish momentum. A clear and strong rally above these levels would support the breakout story. If XRP’s price declines either before or after testing the neckline as resistance, there are still negative concerns.

Market Veteran Charles Bulkowski Predicts XRP’s Symmetrical Triangle to Fuel $4.20 Rally

Market Veteran Charles Bulkowski Predicts XRP's Symmetrical Triangle to Fuel $4.20 Rally

On its monthly chart, a large symmetrical triangle is another optimistic indicator that frequently results in significant gains, according to seasoned market watcher Charles Bulkowski. It may indicate a wider bullish trend if XRP breaks above the upper trendline. Adding the height of the triangle at its broadest point, or about the difference between $3.90 and $0.17, or $3.73, to the breakout level, one can estimate the anticipated upside.

This computation suggests that an upward breakthrough from the current level at $0.53 would aim for $4.20 or higher, as indicated by the chart’s Fibonacci extensions. The closest possible resistance is located at the IH&S bullish reversal goal, which is in the $0.71–1.05 region, or the 0.236–0.382 Fib range.

For more up-to-date crypto news, you can follow Crypto Data Space.

XRP Underperforms 15% in 2024, but Technical Patterns Point to Major Price Rebound
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Vitalik Buterin Unveils “Info Finance” to Revolutionize Data Collection and Sharing

Discover Vitalik Buterin's new concept of 'Info Finance' and how blockchain can...

Ethereum vs Bitcoin: What’s Next for the Crypto Market After Record Price Breaks?

Ethereum has surged past the $3,000 mark for the first time since...

Ether Bull Run Accelerates After Positive News from Fed and Trump Election Win

Ether Bull Run Accelerates After Positive News from Fed and Trump Election...

Ethereum Price Nears $3K as BlackRock ETF Sees Record Inflows

BlackRock’s Ethereum ETF sees record $60M inflows as ETH hovers near $3K—market...