XRP Predicted To Rise To $2, Check Here!

Bittime - Performance XRP has been considered disappointing in recent years. After failing to reach its previous price peak in 2021, XRP's performance is also lagging far behind other crypto assets. 

However, there are positive signals emerging at the end of 2024. Based on long-term chart patterns, there is potential for the price of XRP to rise to $2.34 (around IDR 35,334), bringing new hope to investors.

XRP Long Term Price Journey

Source: CCN

Since reaching a cycle peak of $1.96 (around IDR 29,596) in April 2021, the price of XRP has continued to decline. Two months later, XRP formed a descending resistance line creating a symmetrical triangle pattern. 

In this pattern, XRP price moves between support and resistance lines, with the trend expected to end by the end of 2024.

Balso: XRP Predicted To Break $1000, Really? This is how it really is!

According to the wave count, the next movement will most likely be upward, precisely in phase C of the A-B-C wave structure. 

Wave B has finished, and currently XRP is in phase C which is predicted to push prices higher. The possible target is $2.34, where the prediction is based on a 1:1 ratio between waves A and C.

XRP Technical Indicators Still In Doubt

Even though the wave count is a positive signal, several technical indicators paint a more cautious picture. The Relative Strength Index (RSI) is at 50, and the MACD (Moving Average Convergence Divergence) is also at 0, which indicates that the price trend has not yet determined a clear direction.

For some time, these indicators have been moving up and down past the bullish threshold without showing a definite direction, thereby raising doubts whether the XRP price will actually experience an upward breakout.

Read also: Crypto Whale Transfers 400 Million XRP

Wave Count 1-2/1-2 Gives Hope To XRP Price

In the daily time frame, the 1-2/1-2 wave count adds to optimism. This formation often leads to a large extension of wave three, which is consistent with predictions that XRP will soon break out of its long-term pattern.

XRP's upward move became sharper after the latest bounce at the ascending support line, which is also in line with long-term readings. Although technical indicators in a daily framework provide less strong signals, the overall positive price action still indicates a potential breakout.

XRP Could Hit Above $2?

Based on this analysis, the price of XRP is predicted to complete its long-term pattern soon. If XRP manages to break out of this symmetrical triangle pattern, the price is expected to rise to $2.34 (around Rp. 35,334). 

Even so, this price is still slightly below XRP's all-time record high price of $3.84 (around IDR 58,034).

With this potential increase, XRP is one of the crypto assets worth paying attention to at the end of 2024. However, investors are still advised to be careful, considering that crypto price movements are very volatile and there is still uncertainty in several technical indicators.

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