XRP Price Forms Bullish Pattern, Potential 70% Upside Ahead
Ripple's native cryptocurrency XRP is leading a market rally, recently breaking above $3.0. Key points include:
- XRP exhibits a bullish fractal pattern suggesting a potential 70% price increase.
- The falling wedge pattern mirrors trends from earlier this year.
- XRP maintains support above its 50-day exponential moving average (EMA), indicating strength.
- A breakout could target $3.75, representing a 20% gain in August.
- Support at $2.47 is crucial for maintaining bullish momentum.
- A failure to break resistance may lead to a retest of the 50-day EMA and potentially lower levels around $2.34.
- Analysts believe odds of an XRP ETF approval have increased for September-October.
- Ripple’s XRP Ledger recorded 70 million transactions in July, reflecting robust market demand.
XRP price falling wedge pattern | Source: TradingView
XRP price breakout | Source: TradingView