XRP Faces Major Price Volatility with Upside Target of $17 or Downside to $0.65

Market analyst Egrag Crypto has highlighted that XRP is at a crucial technical juncture, driven by a recent price increase of 2.07% amidst overall market bullishness despite new US trade tariffs.

Market Analysis and Predictions

Egrag Crypto's analysis focuses on the Ascending Broadening Wedge pattern, indicating potential for increased volatility:

The pattern suggests a 70% chance of a downside breakout and a 30% chance of an upside breakout.
XRP must close above $3.50 to initiate a bullish trend.
A successful breakout above $5 is critical for confirming upward momentum, with further targets around $6 and potentially $17.50.
If XRP fails to break above $5, it may retest the $1.90 area before attempting another push toward $5.
Failure to meet these conditions could lead to a decline toward a target of approximately $0.65.

Current Price Status

XRP is currently trading at $2.14, with a daily gain of 0.60%. However, trading volume has decreased by 62.92%, indicating reduced market engagement. To establish a significant uptrend, XRP must reclaim resistances at $2.47 and $2.61 while maintaining support above $2.