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A Falling Wedge pattern has emerged on the XRP price chartfueling speculation of a bullish reversal to new highs. According to a crypto analyst, XRP could reach three potential new price targets if it can break out of the Falling Wedge, with $2.8 being the highest target.
Falling wedge will cause XRP price increase to $2.8
The XRP price was at one powerful uptrend in the past month, a jump from €0.5 to over €2 in just one month. A crypto analyst on TradingView known as ‘MBM_Crypto’ has recognized this impressive feat revealed which has the XRP price undergo a relapse and is currently “cooling off” in a Falling Wedge pattern after experiencing the massive upward move.
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A Falling wedge is a technical chart pattern that indicates a potential price reversal to the upside. This pattern is usually seen as a bullish signal and often appears during a downtrend, with two converging trend lines running downward.
The TradingView analyst shared a chart detailing the XRP Price Action in a 2-hour time frame, highlighting the presence of a Falling Wedge pattern. The chart highlighted the key areas where XRP is likely to face selling pressure, resistance and indications optimal purchasing levels for investors.
The analyst suggests that buying XRP when the price rises above $2.51 could be a strategic move, indicating a potential for a bullish breakout after the conclusion of the current consolidation phase. Additionally, he shared key take-profit targets for investors, suggesting that XRP is on track to potentially hit three bullish price milestones if it is successful. breaks out of his Falling Wedge pattern.
The first target for XRP is $2.6, followed by the second expected jump to $2.7, while the third and highest target is at $2.8. For the XRP price to reach these key price levels, the TradingView analyst has suggested that it will need to break above the blue resistance zone at $2.42, confirming a potential bullish continuation for the cryptocurrency.
While the analyst is confident in his optimistic price projection, he also acknowledged the possibility of a temporary pullback to $2.15 or even $1.96. After this price correctionthe crypto expert believes that XRP could eventually break out of the Falling Wedge and take off.
Analyst Says XRP Is ‘Super Bullish’
Despite trading at $2.4 after a slight decline in recent weeks, analysts remain very optimistic about it The future price prospects of XRP. Dark Defender, a prominent crypto analyst on X (formerly Twitter), has done just that declared that the XRP price is “super bullish” during this cycle.
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The analyst observed that XRP is about to become the ABC corrective wave pattern in the daily time frame, indicating a potential reversal and the start of an uptrend. This pattern will be confirmed once XRP breaks the USD 2.52 level.
Dark Defender has predicted that the
Featured image created with Dall.E, chart from Tradingview.com
