A Falling Wedge pattern has emerged on the XRP price chart, fueling 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 To Trigger XRP Price Surge To $2.8
The XRP price has been on a powerful uptrend in the past month, jumping from $0.5 to over $2 in just one month. Acknowledging this impressive performance, a crypto analyst on TradingView, known as ‘MBM_Crypto,’ has revealed that the XRP price has undergone a pullback and is currently “cooling off” in a Falling Wedge pattern after experiencing its massive upside move.
Related Reading
A Falling Wedge is a technical chart pattern that indicates a potential price reversal to the upside. Typically seen as a bullish signal, this pattern often appears during a downtrend, featuring two converging trend lines sloping downwards.
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 pointed out key areas where XRP is likely to encounter selling pressure, resistance, and indicate optimal buying levels for investors.
The analyst suggests that purchasing XRP when its price breaks above $2.51 could be a strategic move, indicating a potential for a bullish breakout following the conclusion of its current consolidation phase. Additionally, he shared key take-profit targets for investors, suggesting that XRP was on track to potentially hit three bullish price milestones if it successfully breaks out of its Falling Wedge pattern.
The first target for XRP is $2.6, followed by the second projected leap to $2.7, while the third and highest target is positioned at $2.8. For the XRP price to achieve 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 potential bullish continuation for the cryptocurrency.
While the analyst is confident about his optimistic price projection, he has also acknowledged the possibility of a temporary pullback to $2.15 or even $1.96. Following this price correction, the 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 experiencing a slight decline in the past weeks, analysts remain highly optimistic about XRP’s future price prospects. Dark Defender, a prominent crypto analyst on X (formerly Twitter), has declared that the XRP price is “super bullish” during this cycle.
Related Reading
The analyst observed that XRP is on the verge of finalizing the ABC Corrective Wave pattern in the daily time frame, signaling a potential reversal and the beginning of an uptrend. This pattern will be confirmed once XRP breaks the $2.52 level.
Dark Defender has forecasted that the XRP price could exceed this level within 24 hours, triggering a path to the $5.85 target before potentially skyrocketing to $18.22.
Featured image created with Dall.E, chart from Tradingview.com
Source link
Scott Matherson
https://www.newsbtc.com/analysis/xrp/xrp-price-falling-wedge-pattern/
2024-12-12 14:30:41
