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A falling wedge pattern has appeared on the XRP price chart, fueling speculation of a bullish reversal to new highs. If XRP can break out of the falling wedge, it could reach three potential new price targets, with the highest target being $2.8, according to one crypto analyst.
Wedge decline sends XRP price soaring to $2.8
XRP price has been on a strong upward trend over the past month, jumping from $0.50 to over $2 in just one month. Acknowledging this impressive performance, a Crypto Analyst at TradingView known as “MBM_Crypto” said that after experiencing a significant rally, XRP price has fallen and is currently “cooling” in a falling wedge pattern. I made it clear.
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A falling wedge is a technical chart pattern that indicates the possibility of a price reversal to the upside. Although this pattern is usually seen as a bullish signal, it often appears during a downtrend and is characterized by two converging trend lines sloping downward.
Source: X
TradingView analysts shared a chart detailing the price movement of XRP on a 2-hour time frame, highlighting the presence of a descending wedge pattern. This chart points out the key areas where XRP is likely to encounter selling pressure or resistance, and indicates optimal buy levels for investors.
Analysts say buying XRP when the price rises above $2.51 could be a strategic move, indicating the possibility of a bullish breakout after the current consolidation phase ends. It suggests that there is. Additionally, he shared key profit-taking targets for investors and suggested that XRP is on track to potentially reach three bullish price milestones if it successfully breaks out of the falling wedge pattern.
The first target for XRP is $2.6, then a second jump to $2.7 is predicted, and the third and highest target is set at $2.8. For XRP price to reach these key price levels, it will need to break through the $2.42 blue resistance zone, TradingView analysts suggest, confirming the potential for bullish continuation in the cryptocurrency. Ta.
The analyst is confident in his optimistic price forecast, but acknowledges the possibility of a temporary drop to $2.15 or even $1.96. Following this price correction, crypto experts believe that XRP could finally break out of the falling wedge and take off.
Analyst says XRP is 'very bullish'
Despite trading at $2.4 after experiencing a slight decline in the past few weeks, analysts remain very optimistic about XRP's future price outlook. Dark Defender, a prominent crypto analyst on X (formerly Twitter), declared that XRP price is “very bullish” during this cycle.
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Analysts observed that XRP is about to complete an ABC corrective wave pattern on the daily time frame, indicating a possible reversal and the beginning of an uptrend. This pattern will be confirmed if XRP breaks through the $2.52 level.
Source: X
Dark Defender predicts that XRP price could break above this level within 24 hours, paving the way to the $5.85 target before surging to $18.22.
Price struggles to maintain bullish momentum | Source: XRPSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
