XRP has been under intense speculation in 2024, with experts weighing in on its potential price movement. A key focus for chartists has been the long-standing descending triangle pattern.
This formation has guided XRP’s price action over the past year. Based on an analysis from TradingView, the chart presents two possible scenarios—a bullish breakout or a deeper decline if the support is breached.
Descending Triangle Pattern: A Year in Review
For more than a year, the falling triangle has been a recurring pattern in the price shifts of XRP. XRP has been prevented from breaking higher by a downward-sloping resistance line, while a firm support line around the $0.40 mark has supported the market. This flat support line has been tested multiple times, but XRP has yet to decisively break below it.
Source: TradingView
Failed breakout attempts in March and August highlight the strength of the resistance posed by the triangle’s upper boundary.
Each time, XRP has been rejected back into the pattern, maintaining its constrained price range. Either a successful breakout or a potential breakdown would carry considerable implications for the token’s next move.
The Importance of $0.40 Support Level
One of the critical aspects of XRP’s current chart is the strong support level at $0.40. This level has been a key defense against further declines.
If there is a decline below this level of support, there may be room for more losses, particularly if there is a wider market sell-off.
However, there is still a chance for XRP to eventually stage a bullish breakthrough as long as it holds current support. Should they fail to hold, traders may become more agitated and ready to sell as the decline becomes more severe.
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The Bullish Scenario: A Breakout Could Target $0.90
Despite the bearish signals from the descending triangle, there is still upside potential for XRP. Should the price break above the resistance line of the triangle, there is room for XRP to rally up to $0.90, which aligns with previous cycle highs.
This would represent a 60% increase from the current price, making it a scenario traders are eagerly monitoring.
The Relative Strength Index supports the possibility of a breakout, as it currently shows XRP is neither overbought nor oversold. This neutral reading suggests that there may still be room for XRP to either test its support or attempt a breakout.
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The post Realistic Ripple (XRP) Price Prediction – 60% Pump in 2024 Is Possible, But Here’s the Catch appeared first on CaptainAltcoin.
