XRP Price Forms Falling Wedge Pattern, Potential Target Set at $2.8
A Falling Wedge pattern has formed on the XRP price chart, indicating a potential bullish reversal. A crypto analyst suggests XRP could reach three targets, with $2.8 as the highest if it breaks out of the Falling Wedge.
Falling Wedge To Trigger XRP Price Surge To $2.8
XRP's price increased from $0.5 to over $2 in one month. Analyst ‘MBM_Crypto’ on TradingView noted that XRP is currently “cooling off” within a Falling Wedge after its recent upward movement.
A Falling Wedge typically signals a potential price increase and occurs during downtrends, characterized by two converging downward trend lines.
The analyst shared a 2-hour chart showing XRP's price action and highlighted areas of potential selling pressure, resistance, and optimal buying levels for investors.
Buying XRP above $2.51 may indicate a bullish breakout following its current consolidation phase. The analyst identified three price targets: $2.6 for the first, $2.7 for the second, and $2.8 for the highest target. A breakout above the blue resistance zone at $2.42 is necessary for these targets to be achievable.
Despite the optimistic outlook, the analyst acknowledged possible pullbacks to $2.15 or $1.96 before a potential breakout from the Falling Wedge.
Analyst Says XRP Is “Super Bullish”
Currently trading at $2.4, analysts remain positive about XRP’s future prospects. Dark Defender, a notable crypto analyst on X (formerly Twitter), stated that XRP is “super bullish” in this cycle.
Dark Defender noted XRP is nearing completion of the ABC Corrective Wave pattern on the daily timeframe, which could signal an uptrend upon breaking the $2.52 level.
Dark Defender predicts XRP could surpass this level within 24 hours, potentially reaching a target of $5.85 before aiming for $18.22.
