XRP has struggled in 2024, which has led to the decline of its value by 15% since the beginning of the year, while the rest of the cryptocurrency market has experienced an increase of about 20%. However, technical signals hint that a major rebound might be on the horizon for XRP.
The weekly chart reveals the formation of an inverse head and shoulders (IH&S) pattern, a classic signal of bullish reversal. The left shoulder was seen between May and December 2022, the head reached the lowest point in June 2023, and the right shoulder is now developing in 2024.
In case XRP successfully breaks above the neckline at $0.65-$0.66, the price might soar towards $0.90 to $1.00 before the year ends, thus reflecting a potential 100% upside from its current value.
XRP’s bullish outlook strengthens as it is currently trading above its 50-week and 200-week EMAs. It might be the case that if the prices rise over the aforementioned levels, it could further support the strong breakout narrative.
XRP resistance levels: $0.71–$1.05 in focus
On the monthly chart, a large symmetrical triangle has also formed, another signal pointing to a possible upward movement. If XRP breaks through the upper trendline of this triangle, it could aim for a long-term target of $4.20 based on the triangle’s height.
In the near future, the token will face resistance between $0.71 and $1.05. These levels correspond to Fibonacci extension levels and the IH&S target. The 50-month EMA of XRP, which is $0.526, serves as a key support zone. If maintained, this area could raise the odds of reaching $1 by the end of 2024 or early 2025.
On the other hand, blockchain tracker Whale Alert revealed the movement of huge amounts of XRP in the last 24 hours. Ripple moved 100 million XRP, which was part of a total of 187 million tokens transferred.
The community divided on these moves, with some voicing concerns. However, data from Bithomp showed they were internal transactions within Ripple’s own wallets. Other transfers included withdrawals and trades to platforms like Bitso and Bitstamp.
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