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
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.
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