XRP Price Rebound Potential Highlighted By Technical Indicators

According to Cointelegraph, XRP (XRP) has underperformed the broader cryptocurrency market in 2024, experiencing a year-to-date decline of over 15%, while other assets have collectively gained around 20% during the same period.
However, a combination of fractal and technical indicators suggests a potential significant rebound for XRP in the coming weeks. The weekly chart of XRP indicates a possible bullish reversal, characterized by an inverse head and shoulders pattern. This pattern includes a left shoulder formed between May and December 2022, a head in June 2023 marking the lowest point, and a right shoulder developing since August 2024. The critical neckline, a downward-sloping trendline connecting the highs of the shoulders and head, is positioned near the $0.65–$0.66 range.