Steph Is Crypto (@Steph_iscrypto), a prominent cryptocurrency analyst, recently shared an insightful video analysis on the price action and potential targets for XRP.
The discussion centered on technical patterns, breakout points, and strategic price targets, emphasizing the bullish outlook for XRP both in the short term and through 2025.
#XRP HOLDERS WILL BE FILTHY RICH BECAUSE OF THIS! (Price Prediction 2024 – 2025) pic.twitter.com/esdq9eJ6zz
— STEPH IS CRYPTO (@Steph_iscrypto) December 11, 2024
Technical Overview
In the monthly timeframe, Steph highlighted the confirmed breakout of a W formation, a bullish technical pattern. According to his analysis, XRP has retested the neckline of this formation at approximately $1.96, a level not seen since 2021.
XRP began forming this pattern after its all-time high of $3.84 in January 2018. It hit the bottom of the first half in December 2020 when it hit a low of $0.1743, before climbing to the top of the first half in April 2021.
The asset began declining after this and hit the bottom of the pattern’s second half in 2024. The asset’s recent rise has completed this pattern, with the retest of the $1.96 level reinforcing the potential for a significant rally. The technical target of the W formation is set at $30–$35, and the asset could hit this level in 2025.
XRP has since risen above $1.96 and despite some recent turbulence , the asset is currently trading at $2.36. A rise to $35 represents an increase of over 1,380%. While this target is ambitious, Steph cautioned against relying solely on it, advising XRP holders to lock in profits incrementally during the rally.
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Short-term Targets
Zooming into the daily timeframe, XRP has demonstrated strong bullish momentum since October, rallying to a multi-year high of $2.86. The analyst highlighted XRP’s resilience above its EMA ribbons, which have acted as a support level during recent price consolidations.
At the time of press, the price is approaching a critical downward-sloping resistance line, established on December 3. Steph noted that a daily candle close above this trendline, or above the December 9 high of $2.6, would confirm the start of the next impulsive move.
XRP’s Performance Against Bitcoin
Steph also provided a detailed analysis of XRP’s performance against Bitcoin. XRP has been in a long-term downtrend against BTC since 2018. However, a trend reversal has been evident since November, with XRP now retesting a crucial resistance level that dates back to 2020.
On the daily timeframe, XRP is consolidating within a bullish flag pattern against Bitcoin. The analyst believes that a breakout from this pattern could result in XRP outperforming Bitcoin by up to 78%. Some experts are already speculating on XRP’s chances to flip Bitcoin , and this surge would set it on that path.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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