- 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.
Ripple’s 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.
Ripple’s Ecosystem and XRP’s Growth Outlook for 2024
Year-to-date (YTD) performance for XRP has been great, reaching 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.
Most 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 XRP’s 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 ‘flagpole’ is an initial rapid rise in price, and the ‘flag’ 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 price momentum, recently gave a sell signal on the XRP’s 4-hour chart. This might result in a short-term pullback, but the overall bias remains bullish. We could see a beautiful set-up for those who have an inverse view of this correction and are 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 XRP’s 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 Ripple’s continuous work on establishing its ecosystem, which testifies to the token’s ability. Traders this year are closely watching XRP’s 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, the successful integration of Ripple into the digital payments market and its further legalisation provide growth prospects for XRP. This is because 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 there are fluctuations in the price of cryptocurrencies, the latest movement of XRP and charts show that tokens could also remain high. When predicting the price of XRP, investors are encouraged to keep an eye on its current prices whenever they intend to invest.
