With an early Santa Claus rally, cryptocurrencies are heating up this winter, and they are initiating a bull run to enter 2024 on a high note. As Bitcoin touches the $44K mark, the bullish momentum leaks into the altcoin market, leading to a recovery in the XRP price.
Ripple prepares a long-term bullish recovery to regain the $1 mark before the year-end with a bullish breakout rally. Further, the Ripple price prediction supports the bullish breakout possibility and teases a longer trend above $1.
Source – Tradingview
In the daily chart, the short-term pullback in XRP price from the $0.71 mark finds a bouncepad at the dynamic support of the 50D EMA. The cushion helps the pullback in Ripple take a lateral shift and avoid further correction.
Moreover, the recovery rally in Ripple teases a continuation pattern break above the neckline at $0.71. The buyers are preparing for a cup and handle reversal, a trend continuation pattern that will increase the XRP price with immense momentum.
Further, the recent recovery in the overall market due to the early Santa rally helps increase the confidence of Ripple holders.
Currently, the XRP price trades at $0.0.6498 with an intraday growth of 1.35% to continue the newfound momentum after a 3% jump last night. Moreover, the bullish engulfing candles tease a jump to $0.71 in hopes of completing the trend continuation pattern.
Technical Indicators:
MACD indicator: The MACD and signal lines give a positive crossover, indicating a bullish reversal. The positive histograms are also rising, suggesting that momentum is building in XRP price and a breakout rally will likely arrive.
EMA: The continuous dynamic support at the 50D EMA helps the Ripple comeback and revives the trend momentum.
Will The XRP Price Reach $1?
From the short-term viewpoint, the trend continuation pattern building up in the XRP daily chart bolsters the optimistic viewpoint. Further, the market-wide will increase the trend momentum in Ripple breach the $0.71 barrier.
Once the breakout rally crosses $0.71, the chances of a jump to $1 will improve significantly. Conversely, a reversal from $0.70 can result in a drop to the $0.58-$0.60 mark.
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