XRP Price Positioned for Breakout Targeting $3.7 After Buy Retest
XRP is forming a Falling Wedge pattern, indicating a potential breakout according to analyst Robert Mercer. Key points include:
- XRP's price is currently $2.25, with a target of $3.70.
- Consolidation has occurred since December 2024, with a local bottom at $2.11 acting as support.
- The upper resistance of the wedge aligns with $2.45; closing above this level may confirm a breakout.
- Projected resistance levels post-breakout are $2.98, $3.36, and $3.71.
- If buying momentum continues, XRP could reach $3.5 to $4 in three to five months.
- A failed breakout at $2.45 may lead to a retest of lower support zones, with critical support around $1.40.
A breakdown below $1.40 might shift market sentiment towards bearish continuation.
