2024: A Record-Breaking Year for XRP
In a year marked by significant milestones, XRP registered its highest monthly close ever in December 2024 at $2.08, demonstrating a remarkable return of 16.50% over the past three days as it entered the new year with a positive note.
XRP’s Impressive Performance
With market expectations largely bullish for 2025, traders and technical analysts have outlined potential targets for the altcoin in the coming months.
"Second Wave" Kicks Off
XRP price exhibited an impressive ‘god candle’ in November 2024, breaking a seven-year trend with a 283% rally. With Ripple’s legal battle with the SEC reaching a positive conclusion for the crypto asset, multiple analysts believe that XRP is poised for further upside in 2025.
Mikybull, a crypto trader, shared insights on XRP’s second wave of the rally, drawing comparisons between 2017 and 2024 over a two-day chart. He noted that XRP experienced a 30-day consolidation period, where the Relative Strength Index (RSI) cooled off from an overbought condition to around 57.
### Chart Analysis by Mikybull
XRP analysis by Mikybull. Source: X.com
This was followed by a retest of the 20-day-40-day EMA levels as support bands before exhibiting a strong breakout.
Similarly, Javon Marks, a crypto investor, outlined another chart pattern that drew striking similarities between XRP’s 2017 bull run and its current price movement. Marks explained that the altcoin’s current daily chart displayed a series of strengths mirroring its 2017 bull run.
### Chart Analysis by Javon Marks
The trader said,'By previous performance, All Time Highs (>$3.317) and MUCH HIGHER is looking to also be a matter of when, and not if.'
Related: Why is XRP price up today?
Bullish Pennant Targets 100% Rise
One particular short-term pattern with a 100% bullish outcome observed for XRP since November 2024 is the bullish pennant. As illustrated in the chart, each time the bullish pennant has taken form, it reached XRP’s Fibonacci extension levels after a positive breakout.
### Chart Analysis
XRP 6-hour chart. Source: Cointelegraph/TradingView
The current setup presents the same outlook, and a successful breakout may lead to XRP reaching its FIB levels at 1.618 and 2.272. A like-for-like rally would lead XRP to $5 over the next few weeks, which is 110% of its current price value.
While the above price target seems reasonable, other analysts had higher targets for the altcoin. Tony Severino, a market technician, identified a potential bull flag for XRP on the 1-day chart. The trader explained that a valid breakout from this particular pattern puts XRP’s top target at around $13, i.e., another 440% rise.
### Chart Analysis by Tony Severino
XRP 1-day chart by Tony Severino. Source: X.com
However, Severino added that XRP at $13 is beyond ideal top targets, but it’s not ‘impossible.’
Related: ‘Parabolic’ Bitcoin is a buy at $80K if BTC price tracks stocks — Research
Important Note
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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