A falling wedge pattern has emerged in the XRP price chartfueling speculation of a bullish reversal towards new highs. According to one crypto analyst, XRP could hit three new potential price targets if it can break out of the falling wedge, with $2.8 being the highest target.
Falling wedge will cause XRP price to rise to $2.8
The price of XRP has been on a powerful uptrend in the last month, going from $0.5 to over $2 in just one month. Recognizing this impressive performance, a TradingView crypto analyst, known as ‘MBM_Crypto’, has revealed that the price of XRP has suffered a setback and is currently “cooling off” into a falling wedge pattern after experiencing its massive bullish move.
TO falling wedge is a technical chart pattern that indicates a possible upward price reversal. Generally seen as a bullish signal, this pattern often appears during a downtrend, featuring two converging downward-sloping trend lines.
The TradingView analyst shared a chart detailing the XRP Price Action on a 2-hour time period, highlighting the presence of a falling wedge pattern. The chart pointed out key areas where XRP is likely to encounter selling pressure, resistance and indicate optimal purchasing levels for investors.
The analyst suggests that buying XRP when its price rises above $2.51 could be a strategic move, indicating a potential for a bullish breakout after the conclusion of its current consolidation phase. Additionally, he shared key profit-taking targets for investors, suggesting that XRP was on track to potentially hit three bullish price milestones if successful. breaks its falling wedge pattern.
The first target for XRP is $2.6, followed by the second projected jump to $2.7, while the third and highest target stands at $2.8. For XRP price to reach these key price levels, the TradingView analyst has suggested that it will have to break above the blue resistance zone at $2.42, thus confirming a possible bullish continuation for the cryptocurrency.
While the analyst is confident in his optimistic price projection, he has also acknowledged the possibility of a temporary pullback to $2.15 or even $1.96. Following 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 seeing a slight drop in recent weeks, analysts remain very optimistic about Future XRP Price Outlook. Dark Defender, a prominent crypto analyst on X (formerly Twitter), has declared that XRP price is “super bullish” during this cycle.
the analyst observed that XRP is about to end the ABC corrective wave pattern on the daily chart, indicating a possible reversal and the beginning of an uptrend. This pattern will be confirmed once XRP breaks above the $2.52 level.
Dark Defender has forecast that XRP price could break above this level within 24 hours, triggering a run towards the $5.85 target before potentially shooting up to $18.22.
Fountain: NewsBTC.com
