XRP has surged 292.55% in 2024, with a price rise from $0.50 to $2.41. Analysts are bullish on its potential, with price targets reaching $48.
A bull flag chart pattern suggests XRP could hit $4 soon, though a brief correction may occur before the next rally.
Rippleās XRP, which is the native currency of the Ripple network, has had an incredible run in the recent past, and it looks forward to having a magnificent end of the year. The price of XRP, particularly the first three quarters of the year 2024, has remained relatively dormant until a surge with the entire market later in November due to the U.S. presidential elections. Since December, the price of XRP has risen from $0.50 to $2.41 a token, although it did peak at $2.71 early in the month.
Rippleās Ecosystem and XRPās Growth Outlook for 2024
Year-to-date (YTD) performance for XRP has been great; by this yearās end, it has risen by 292.55%. Holding cryptocurrency has also benefited through an astronomical 261.95% increase within a one-month period. These gains put XRP at the top of the charts regarding actual performance, especially for a currency currently being used across certain parts of the financial world. While many other cryptocurrencies have undergone similar rises in value, XRP has a clear utility in its use case for cross-border payments and decentralized finance (DeFi) sectors.
The cryptocurrency market is much more optimistic after Ripple successfully established a stablecoin called RLUSD with the New York Department of Financial Services (NYDFS). This approval is a major step forward for Ripple in its bid to penetrate the regulated financial industry and expand the use cases for XRP.
MostĀ cryptocurrency experts believe that XRP is here for the long term, with some predicting a price spike of up to $48. These predictions influence our assumptions about XRPās growth relative to the broader market and its continued expansion in utility and usage.
Bull Flag Chart Pattern Signals Strong Upside for XRP
A new technical analysis of the price per XRP shows a chart formation, which suggests that the price per XRP might go up in the near future. Technical cryptocurrency analyst Ali Martinez pointed out the formation of a bull flag on December 3. The pattern consists of two main components: The āflagpoleā is an initial rapid rise in price, and the āflagā is represented by a sideways movement accompanied by slightly lower price action.
Bull flag patterns are usually considered bullish continuative signals and, therefore, should indicate that the price will continue to rise in the following period; for XRP, the height of the flagpole, which started somewhere around November 29th, points to using a price target of right around $4. This implies that XRP could spike substantially higher, and yet, a slight pullback could happen before the next leg up.
Further, the TD Sequential, which measures the price momentum, recently gave a sell on the XRPās 4-hour chart. This might result in a short-term pullback, but the overall bias remains bullish, and we could see a beautiful set-up for those who have an inverse view on this correction waiting to trade the next leg up. Investment professionals indicate that if the price surges above the $2.46 level, then such a breakout will confirm the formation of the bull flag pattern indicative of a new upsurge in the price.
Exploring XRPās Potential for Quick Profits and Future Growth
The carries of this cryptocurrency over the last few months give us a perfect example of how it could perform short-term and long-term. The current rally is contributed by the overall general market forces and Rippleās continuous work on establishing its ecosystem, which testifies to the tokenās ability. Traders this year are closely watching XRPās price performance in the following weeks around the $2.46 range, which may act as a critical breakout point for a larger rally.
At the same time, Rippleās successful integration into the digital payments market and its further legalization provide growth prospects for XRP. Despite current significant volatility, the market will most likely become more stable as more institutions adopt cryptocurrencies and as more regulated markets start to include XRP in cross-border transactions.
Although the price of cryptocurrencies fluctuates, the latest movement of XRP and charts show that tokens could also remain high. Investors are encouraged to monitor XRPās current prices whenever they intend to invest.
