How high can XRP price rise by the end of 2024?

The crypto market witnessed a notable inflow during the US market session on Friday as Bitcoin predicted another attempt at $100,000. Most major altcoins, including, quickly followed this momentum and showed a strong upswing to continue the prevailing uptrend. XRP price is offering a bullish breakout from resistance at $1.63, signaling the potential for another rally.

Currently, Ripple crypto price is trading at $1.68, with an intraday gain of 1.4%. According to Coinmarketcap, XRP’s market capitalization is $96 billion, placing BNB coin as the fifth-largest cryptocurrency.

• XRP price breakout from the pennant pattern signals a possible recovery to $2.
• The Fibonacci extension tool highlights key resistance levels at $
• Derivatives market data shows investor confidence for a sustained rally.

XRP price aims for $2 after key breakout

As predicted by Cryptonews, XRP price managed a decisive breakout from a bullish pennant pattern. On November 27, the coin price turned triangle resistance into suitable support, encouraging buyers to resume its prevailing uptrend.

The recovery after the breakout pushed the asset up 16.8% and broke the last swing high of $1.63. According to the Fibonacci extension tool, XRP price could trigger another 15% increase to 0.618-FIB at $2.

A sustained recovery could push the asset to 1-FIB at $2.4 by December 2024

However, cryptocurrency Ripple recorded a remarkable 235% month-to-date (MTD) growth, pushing the momentum indicator RSI into overbought territory at 88%. As the trend of a financial asset remains the same, XRP price is facing a temporary decline, allowing buyers a breather to regain bullish momentum.

XRP price targets $2 after a bullish breakout, with potential for a 15% recovery. The futures market is signaling great interest.

The derivatives market shows recovery potential for XRP

Following the price rally, XRP’s futures open interest saw an extraordinary surge, shooting from $681 million to $2.27 billion – a staggering 233% increase. This significant growth indicates increased trader activity and increased speculation in the derivatives market, signaling strong market interest and potential bullish momentum for XRP.

Additionally, XRP’s Open Interest (OI)-weighted funding rate rose to 0.04%, reflecting positive sentiment among traders in the futures market. A higher funding rate typically indicates that long positions are dominant, suggesting that traders are willing to pay a premium to maintain bullish positions.

While XRP price is facing an occasional decline, the derivatives market is showing potential for a sustained uptrend.