However, XRP gradually approaches the triangle’s apex point, where the two trendlines converge. That may lead to volatile moves in either direction, with bullish XRP fundamentals indicating that the breakout will most likely be upward rather than outward.
Should it happen, XRP price’s upside target for Q4 2024 is around $0.86, which may see bulls attempt a run-up toward $1.
Additional technical indicators reinforce this bullish outlook. The weekly chart’s Relative Strength Index (RSI) is bouncing back from the 50 level, signaling growing buying momentum. Furthermore, the volume profile shows increased trading activity, which often precedes a sustained price movement.
What Are XRP’s Bullish Fundamentals For 2024?
XRP’s bullish fundamentals are the same as those of the rest of the crypto market. That includes the increasing odds of Donald Trump, a pro-crypto United States presidential candidate, winning the November elections and the increasing probability of the Federal Reserve cutting interest rates in September.
Additionally, Ripple and the US Securities and Exchange Commission may conclude their legal battle in 2024, with signs of a potential settlement arising in the coming weeks.
