XRP Price is Approaching $1 By The End of 2024 — Here’s Why

XRP (XRP) price will most likely come closer to hitting $1 by the end of 2024, thanks to the emergence of multiple bullish catalysts in recent weeks.

XRP is Closer To Breaking Out of Giant Symmetrical Triangle Range

Since 2017, XRP’s price has been trading inside a symmetrical triangle range, confirmed by descending trendline resistance and ascending trendline support. Traders typically unload their XRP holdings near the resistance and start accumulating near the support, giving a very predictable scenario as far as psychological positioning is concerned.

As of July 24, XRP’s price was showing signs of pullback after failing to breach the triangle’s upper trendline again. That raises the risks of a 7-10% price correction in the coming weeks, which will likely see the price retest the lower trendline at around $0.54.

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.

That may further XRP’s bullish outlook from both technical and fundamental points of view. At least bigger investors are already assessing these factors, with the whale accumulation and other forms of institutional buying on the rise.

For instance, the XRP supply held by its richest investor cohort—those holding over 1 billion native tokens—has increased since June, coinciding with a drop in the 100 million—1 billion XRP balance cohort. In other words, the lower cohort is accumulating XRP and becoming part of the larger cohort.

CoinShares data further shows that XRP-specific funds have attracted $20 million so far in 2024, even though its price has declined by circa 5% in the same period. That indicates that institutions are buying XRP at its local lows—a sign that they anticipate the price to rise in the remainder of the year.