XRP Set for 100% Surge to $1 By Year-End 2024
XRP hs xprincd notbl dclin in 2024, undrprforming th brodr cryptocurrncy mrkt. Whil mny cryptocurrncis hv risn by 20% this yr, XRP hs droppd ovr 15%. Dspit this, tchnicl indictors point to possibl shift in th nr futur.
A bullish invrs hd-nd-shouldrs pttrn hs mrgd on XRPs wkly chrt. Th pttrn shows lft shouldr forming btwn My nd Dcmbr 2022, hd t its lowst point in Jun 2023, nd right shouldr tking shp sinc August 2024.
Th criticl point to monitor is th ncklin, which conncts th highs of th pttrn nd is positiond round $0.65 to $0.66. If it brks pst this lvl, tchnicl forcsts suggst potntil rlly to $0.90 to $1.00 by th nd of 2024, mrking 100% jump from currnt prics.
A trdr nmd Crypto Bitlord viws XRP s undrvlud, likning th currnt phs to th priod whn its pric surgd from $0.04 to $3.00. H blivs th rcnt dips offr strtgic buying opportunitis nd prdicts XRP could rch $27.00 significnt forcst.
In ddition, XRP hs rcntly crossd two criticl tchnicl lvls, th 50-wk nd 200-wk xponntil moving vrgs (EMAs), signling strong bullish momntum. This ris points to growing optimism mong trdrs, hinting t th potntil for lrgr brkout. If it cn mintin this momntum, it could solidify th bullish trnd, stting th stg for longr upwrd trjctory.
Howvr, pullbck bfor or ftr tsting th ncklin rsistnc my signl possibl downturn. This rsistnc lvl lso ligns with long-trm dscnding trndlin, which incrss th risk of rvrsl.
XRP Bullish Signal from Symmetrical Triangle
Anothr bullish signl pprs from symmtricl tringl pttrn on XRPs monthly chrt, oftn sn s sign of potntil pric incrss. A brk bov th tringls uppr trndlin could indict widr upwrd momntum. Th nlyst projcts this upsid by msuring th tringls widst sction. From th currnt lvl of $0.53, brkout could push it to trgt of $4.20 or highr, supportd by Fiboncci xtnsions outlind in th chrt.
Still, XRP my fc rsistnc bfor rching this trgt. Th pric could stll t th 0.236-0.382 Fiboncci rng, ligning with th $0.71$1.05 zon, which mtchs th bullish rvrsl trgt of hd-nd-shouldrs pttrn.
At prsnt, XRP hovrs round th 50-month xponntil moving vrg (EMA) of $0.526, which cts s ky support. Holding this lvl could indict furthr gins, possibly rching $1 by lt 2024 or rly 2025.
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Read more: https://www.tronweekly.com/xrp-targeting-1-by-late-2024/
Text source: TronWeekly
