XRP Price Could Hit $2.34 According to This Chart Pattern

Key Takeaways

• Ripple (XRP) has nearly broken out from a long-term triangle.
• The wave count implies that an upward movement will begin soon.
• Will this be the case, and how much can XRP increase?

XRP has been among the most disappointing cryptocurrencies of the past two market cycles. Firstly, the price failed to break its previous all-time high in 2021 and then started a very gradual upward trend in 2023, lagging the rest of the market.

The 2024 performance is also lackluster, showing a 5% decline. However, XRP is finally nearing the end of a long-term pattern, a breakout from which could finally trigger an upward trend.

Let’s look at the XRP price movement and see if this breakout is likely.

XRP’s Long-Term Pattern

XRP has fallen since its previous cycle high of $1.96 in April 2021. Two months later, it created a descending resistance trend line, which completes a symmetrical triangle pattern.

Since then, XRP has bounced between the triangle’s support and resistance trend lines. The trend lines will converge before the end of 2024, so a decisive movement outside of it is likely.

According to the wave count, this movement will be to the upside. The wave count suggests that XRP has started wave C in an A-B-C structure. The sub-wave count for wave B is in black.

A potential target for the top of this increase is $2.34. The target is found by giving waves A:C a 1:1 ratio.

Read More: XRP Price Prediction 2024: XRP Price Analysis

However, technical indicators cast some doubt about whether the price will break out. The Relative Strength Index (RSI) is 50, and the MACD is 0.

Additionally, the indicators have moved above and below their bullish thresholds several times, indicating an undetermined trend.

1-2/1-2 Wave Count

The daily time frame gives a positive reading, showing an extremely bullish 1-2/1-2 wave count formation.

These formations often lead to a massive wave three extension, which would fit perfectly with the XRP breakout from the long-term pattern.

The upward XRP movement became steeper after the final bounce at the ascending support trend line (white), which also aligned with the long-term readings.

Similarly to the weekly time frame, technical indicators give a subdued positive outlook due to their lack of strength.

However, the overwhelmingly positive price action and wave count both imply a breakout is expected.

XRP Could Reach $2.34

The XRP price is nearing the end of its long-term pattern, and the wave count suggests the next movement will be to the upside.

If XRP breaks out, it can reach a high of $2.34, slightly below the all-time high of $3.84.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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