XRP, TON, BGB Price Analysis — Will These Altcoins Grow Further in December?

XRP (XRP) clearly outperformed most of its top-ranking crypto market rivals on Dec. 11 following the New York Department of Financial Services (NYDFS) approval of Ripple’s RLUSD stablecoin.

The Ripple-associated token has bounced by over 25% after dropping to as low as $1.90 on Dec. 10. As of Dec. 11, it was trading for as high as $2.38, further indicating that the altcoin market boom is far from over despite the recent sharp correction.

For instance, Bitget Token (BGB) surged 28% in the same timeframe as XRP’s, hitting a record high of $3.11. Slightly underperforming, but Toncoin (TON) also beat the market’s correction sentiment after rising over 9% from its Dec. 10 low.

XRP (XRP) Technical Analysis

XRP/USD Four-Hour Price Chart Analysis — Falling Wedge Breakout Next?

XRP is forming a falling wedge pattern on its four-hour chart, confirmed by its price declining inside a range defined by two converging, descending trendlines. Falling wedges are considered bullish reversal patterns, indicating that XRP will break above the wedge’s upper trendline at some point in the future.

As a technical rule, traders measure a falling wedge’s upside target by adding its maximum height to the breakout point. That said, XRP’s price can rise toward $3.05 in the coming days if it breaks above the current upper trendline point of around $2.40.

XRP’s relative strength index (RSI) was at 50.33 as of Dec. 11, a neutral area, suggesting that the cryptocurrency has more room to grow, at least unless the RSI hits the overbought threshold of 70.

Conversely, XRP may trend lower inside the wedge range, beginning with a pullback from the $2.40 resistance point. The cryptocurrency will likely drop toward the wedge’s apex point at $1.73 in the worst-case scenario.

XRP/USD Weekly Price Chart Analysis — Consolidation Period Ahead

On the weekly chart, XRP appears to be stuck inside a range defined by its 1.618 Fibonacci retracement line ($2.96) as resistance and 1.0 Fibonacci retracement line ($1.94).

Traders may open long positions at the range’s lower boundary, with the upper boundary as their primary target. Conversely, if the price pulls back from the upper boundary, they may open short positions toward the lower boundary.

A clear breakout above the $2.96 level could have bulls target the 2.618 Fib line at around $4.60. Meanwhile, a break below $1.94 risks crashing the price toward the 0.786 Fib line of around $1.59.

Toncoin (TON) Technical Analysis

TON/USD Four-Hour Price Chart Analysis — Bullish Rejection Candle Spurs Upside Hopes

On Dec. 11, Toncoin experienced a significant bullish rejection, evidenced by a red candlestick with a long lower wick.

This candlestick pattern indicates buyers stepped in aggressively after prices dropped, pushing the price back up before the close. Such a formation often reflects strong demand at lower price levels, suggesting that bulls are actively defending against further declines.

TON’s price has grown 17.54% from the wick’s lower point and is now eyeing a close above its 200-4H EMA (the blue wave) around the $6.09 level and the 0.382 Fib line at $6.19. A decisive breakout could send the price toward the 50-4H EMA at around $6.43 and the 0.236 Fib line at around $6.56.

Conversely, a pullback from the $6.09-6.10 range risks sending the TON price down toward the 0.618 Fib line at around $5.58 by December 2024.

TON/USD Weekly Price Chart Analysis — Toncoin is Eyeing $8 Next

Toncoin has entered the breakout stage of its prevailing falling wedge pattern on the weekly chart. That includes a recent correction that had TON test the wedge’s upper trendline as support. Its price has recovered circa 25% ever since, suggesting the breakout setup is still intact.

As noted above, falling wedge breakouts typically send the price higher by as much as the wedge’s maximum height. Applying the same principle on the TON/USD weekly chart brings its upside target close to $8.

Conversely, a decline toward the wedge’s lower trendline, which coincides with the 50-4H EMA at around $5.20, risks invaliding the bullish reversal setup. Instead, TON’s price can crash toward the $3.20-4.78 range, aligning with lower Fibonacci retracement levels.

Bitget Token (BGB) Technical Analysis

BGBUSD Four-Hour Price Chart Analysis — Selloff in December Possible

BGB’s price appears poised for a potential pullback as it forms a Doji candlestick near the upper trendline resistance of its ascending parallel channel.

A Doji represents market indecision, occurring when an asset’s opening and closing prices are nearly identical. This pattern suggests that buying and selling pressures are evenly matched, often signaling a possible trend reversal or pause in momentum.

A bearish divergence is evident, given that BGB’s price makes higher highs while the RSI forms lower highs. This discrepancy indicates weakening bullish momentum and often precedes price declines.

Given these signals, the next likely target for BGB is the lower trendline support of the ascending channel, near the $2.56 Fibonacci level. This area coincides with the 50-4H EMA, a dynamic support level often monitored by traders. A bounce from this zone could determine the asset’s next short-term direction.

BGB/USD Weekly Price Chart Analysis — A 45% Crash Setup is Developing

Bitget Token has rallied by around 500% since August 2024, and its weekly RSI has reached its most overbought level in history—over 91.

That coincides with the BGB price breaking above the upper trendline of its prevailing ascending parallel channel pattern for the second time since February 2023.

The BGB price is now in unchartered territories, requiring traders to determine the next directional bias by studying BGG’s older price actions after solid upside booms.

In August 2023, for instance, BGB’s rise to a then-record high of around $0.516—above the same ascending parallel channel’s upper trendline—followed a sharp reversal. As it did, the price dropped by almost 40% to find support around its 1.618 Fibonacci retracement line.

If the fractal repeats, the BGB price could enter an overbought correction, with the 1.618 Fib line around $1.729 as the primary downside target. That is down about 45% from the current price levels and coincides with the ascending parallel channel’s lower trendline.