XRP, the popular cryptocurrency, is on the verge of completing a bullish inverse head and shoulders (H&S) pattern, which could signal an impending price surge. Market commentator Steph’s recent analysis confirms that an inverted H&S formation has nearly taken shape on XRP’s daily chart. This pattern is a strong bullish reversal indicator, and if confirmed, it could propel XRP above the $1 mark in the near future.
Head and Shoulders Formation

XRP’s left shoulder began forming in late 2023, with a significant decline from its $0.70 peak in December to a low of $0.4855 in January 2024. XRP then recorded a sharp recovery, reaching $0.7449 by March 2024, completing the left shoulder. However, a broader market correction pushed XRP back down to a low of $0.3824 in July 2024, setting the stage for the head. As XRP recovered to $0.6580 on July 31, it formed the head. Since then, the right shoulder has been developing, with XRP recently falling to $0.5026 on September 6.
Neckline Breakout Could Trigger Rally
Currently, XRP trades at $0.5787. Steph emphasizes that the right shoulder will be confirmed if it breaks above the neckline at $0.6580. A successful breakout could propel XRP to the $0.90-$1.00 range, representing a potential return of over 90% from current levels. Steph believes this target is achievable before the end of 2024.
Bullish Bollinger Bands and RSI Signals

XRP’s Bollinger Bands and Relative Strength Index (RSI) also support a bullish scenario. XRP trades slightly above the middle Bollinger Band ($0.5573), suggesting buyers remain in control. The lower band ($0.5158) has provided support in recent declines, while the upper band ($0.5988) acts as near-term resistance. If it breaches the upper band, it could test the neckline at $0.6580. The RSI currently stands at 53.42, with the signal line at 47.98, indicating positive momentum.
Symmetrical Triangle Pattern Hints at Long-Term Upside
In addition to the inverted H&S pattern, XRP’s monthly chart exhibits a symmetrical triangle formation. If XRP breaks above this triangle’s upper trendline, it could surge towards a long-term target of $4.20 or higher. However, it faces immediate resistance at $0.71-$1.05, which aligns with the 0.236-0.382 Fibonacci retracement levels. A breakout above this zone could trigger a significant rally.
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While XRP has underperformed recently, these technical developments provide a reason for cautious optimism among traders and investors. A clear breakout above $0.65-$0.66 could catalyze a stronger rally, with the potential to reach $1 in the near term and $4.20 or higher in the long run. However, it’s essential to note that these projections are based on technical analysis and may not necessarily materialize.
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