Is XRP Worth Buying in 2024? | BITmarkets
Insights Analysis Is XRP Worth Buying in 2024?

Is XRP Worth Buying in 2024?

April 25, 2024 Analysis
BITmarkets | Is XRP Worth Buying in 2024?

Ripple's XRP needs no introduction. The reputable digital asset has cemented itself within the top 10 largest cryptocurrencies in market capitalization.

While this year has seen record profits across the cryptocurrency market amid one bull run and frenzy after the other, XRP hasn't been part of action as it grapples with several fundamental challenges, losing more than 10% of its value since the start of the year.

Currently, its price is weakened and has been in a consolidation zone for the second consecutive year.

What are the prospects of Ripple returning to its all-time highs (ATH), and what conditions would need to be met for such a rise?

1 month time frame

XRPA.1

XRPUSD - 1 Month Time Frame

In 2022, there was an impulsive bearish move that created a Sell-side Imbalance Buy-side Inefficiency zone on the monthly chart. Initially, this zone suggests a bearish market outlook. However, once there is a close above the 0.5 Fibonacci level of this zone, it is likely that the market will interpret it as an Inversion Fair Value Gap (IFVG), transforming it into a bullish indicator.

The current consolidation is occurring right within the IFVG (indicated by the yellow zone on the chart). Here, initial Sell-side Liquidity (SSL) selections were made. If influential market participants are looking to enter, this is where they would find their counterparties through Sell Stop orders.

The crucial factor will be the price action following the engagement of the nearest Buy-side Liquidity area if the price begins to ascend.

Conversely, if the price maintains its bearish trajectory, it will be crucial to monitor the price movements after engaging further Sell-side Liquidity areas, where high-volume buy orders can again be executed.

Trade Confirmation

For a price move in either direction—falling after selecting Buy-side Liquidity or rising after selecting Sell-side Liquidity—a structural break on a smaller timeframe, such as the daily or 4-hour chart, will be necessary to confirm the trend.

Join

Try to invite your friends and earn together

10% of trading fees of your friends and 5% from the earnings of your friends.

We use cookies to store, access and process personal data to give you the best online experience. By clicking Accept Cookies you consent to storing all cookies and ensure best website performance. You can modify cookie preferences or withdraw consent by clicking Cookie Settings. To find out more about cookies and purposes, read our Cookie Policy and Privacy Policy

Cookies settings


Cookie Control


What are cookies?

Cookies are small text files that enable us, and our service provides to uniquely identify your browser or device. Cookies normally work by assigning a unique number to your device and are stored on your browser by the websites that you visit as well as third-party service providers for those website. By the term cookies other technologies as SDKs, pixels and local storage are to be considered.


If Enabled

We may recognize you as a customer which enables customized services, content and advertising, services effectiveness and device recognition for enhanced security
We may improve your experience based on your previous session
We can keep track of your preferences and personalize services
We can improve the performance of Website.


If Disabled

We won't be able to remember your previous sessions, that won't allow us to tailor the website according to your preferences
Some features might not be available and user experience reduced without cookies


Strictly necessary means that essential functions of the Website can not be provided without using them. Because these cookies are essential for the properly working and secure of Website features and services, you cannot opt-out of using these technologies. You can still block them within your browser, but it might cause the disfunction of basic website features.

  • Setting privacy preferences
  • Secure log in
  • Secure connection during the usage of services
  • Filling forms

Analytics and performance tracking technologies to analyze how you use the Website.

  • Most viewed pages
  • Interaction with content
  • Error analysis
  • Testing and Measuring various design effectivity

The Website may use third-party advertising and marketing technologies.

  • Promote our services on other platforms and websites
  • Measure the effectiveness of our campaigns