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XRP Price Forms Bullish Triangle Pattern, But RSI Signals Overbought Territory – Could XRP Hit $5 in December?

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Harvey Hunter

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Apr 2024

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Harvey Hunter is a Content Writer at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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Last updated:

December 1, 2024

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Ripple Forms Bullish Triangle Pattern, Sets $5 XRP Price Target

While the threat of a potential correction looms, the front-running altcoin doesn’t appear stirred yet, as today sees another 1.67% uptick in the XRP price.

XRP has far surpassed expectations with a 270% increase over November, but it doesn’t appear over as bullish projections for XRP eye a target much higher running into 2025.

However, cracks are starting to show today as XRP’s recent momentum dwindles somewhat, with a 38% lapse in trading volume, hitting $11.4 billion.

XRP Price Analysis: Could A Correction Derail the Path to $5?

Indeed, the concern that the recent rally may have been too much too quickly for the XRP price appears to be coming to a head as technical indicators raise alarms.

As the weekly Relative Strength Index (RSI) has reached deep overbought territory at 88, a correction seems like the natural and healthy next step for XRP to find stable footing for its next leg up.

However, this would do little to derail XRP’s path to $5, according to a recent X post by popular pseudonymous analyst Egrag Crypto.

XRP / USDT 1W chart, symmetrical triangle pattern. Source: Egrag Crypto / X

The analyst likened the recent breakout of a symmetrical triangle pattern forming since mid-2017 to the breakout of a similar pattern in early 2017.

Given the current rally mirrors the 2017 breakout, the analyst sets a $5.30 XRP price, a 180% advance from current prices.

However, the projection comes with a caution. Just as the 2017 rally was followed by major corrections, a similar pattern could play out this time.

Egrag expects a potential 63% retracement after XRP reaches its peak. This would bring the price back just below the $2 mark, aligning with XRP’s previous all-time high in 2021.

The analyst also warned that the timeline of this rally may not match the last. Particularly as XRP seems to have far outpaced its fundamentals, given that the anticipated regulatory changes expected under the Trump administration have yet to get off the ground.

This Fleeting Opportunity Could Bring Bigger Gains

While a 2.8x for the XRP price is certainly appealing, emerging opportunities hold the potential for quicker and more substantial returns. After all, fortune favors the bold.

As “meme coin supercycle” sentiment takes hold and coins like $Coolguy and $Pnut experience sudden rises to prominence, strategic investors are looking to newer low-cap meme coins with exponential growth potential.

Among them, Crypto All-Stars ($STARS) stands out as a unique opportunity by pioneering the industry’s first meme coin staking platform.

The MemeVault brings together the entire meme coin community under the Crypto All-Stars umbrella, staking to earn rewards in the project’s native token, $STARS.

One to unite them all 👾 pic.twitter.com/c0DgSHbFQM
— Crypto All-Stars (@all_stars_coin) October 22, 2024

This allows the most dedicated meme coin holders to stay true to their favorite coins while capitalizing on the gains staking offers. Something which may be credited to the project’s instant success, raising almost $7.5 million in its presale already!

Investors who passed thus far are already kicking themselves, especially as $STARS itself offers one of the best passive income opportunities right now with a substantial 286% APY.

While the market has suffered under recent volatility, early All-Star investors have been raking in consistent gains!

While it’s not too late yet, the opportunity is fleeting. With the presale nearing its end in just over 18 days, the window to take action is closing fast!