A Falling Wedge pattern has appeared on the XRP stock price historyprompting speculation of a reversal to new highs. According to a crypto analyst, XRP could reach three new price targets if it can break out of the Falling Wedge, with $2.8 being the highest target.
Jump drops to trigger XRP price rise to $2.8
The highest price XRP has risen against a a powerful boost in the past month, jumping from $0.5 to over $2 in just one month. In recognition of this impressive achievement, a crypto analyst on TradingView, called 'MBM_Crypto,' has show up which is the price of XRP has undergone withdrawal and is currently “cooling off” in the Falling Wedge pattern after experiencing the big upside move.
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A A falling envelope is a technical chart pattern that indicates a potential price reversal to the upside. Usually seen as a bullish signal, this pattern often appears during a downturn, with two converging trend lines going down.
The TradingView analyst shared a chart detailing the XRP price action in a 2-hour time frame, indicating the existence of a Falling Wedge pattern. The chart highlighted key areas where XRP is likely to encounter selling pressure, resistance, and signaling best buy rates for investors.
The analyst suggests that buying XRP when its price breaks above $2.51 could be a strategic move, indicating that potential for a bullish breakout after the end of its current consolidation phase. In addition, he shared key profit targets for investors, suggesting that XRP was on track to hit three optimistic price milestones if successful. breaking out of his Falling Wedge pattern.
The first target for XRP is $2.6, followed by the second projected jump to $2.7, and the third and highest target is set at $2.8. For the price of XRP to achieve these key price levels, the TradingView analyst has suggested that it must break above the blue protection zone at $2.42, thus confirming that there could be a bullish continuation for the digital currency.
While the analyst is confident about his optimistic price projection, he also admitted that a temporary pullback to $2.15 or even $1.96 is possible. Following this price correctionthe crypto expert believes that XRP may finally break out of the Falling Wedge and take off.
Analyst Says XRP Is “Super Bullish”
Despite trading at $2.4 after seeing a slight decline in recent weeks, analysts remain optimistic about Future XRP stock price history. Dark Defender, a prominent crypto analyst on X (formerly Twitter), has confirmed that the XRP price is “super bullish” in this cycle.
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The analyst seen that XRP is about to end the ABC corrective wave pattern in the daily time frame, indicating a possible reversal and the beginning of an increase. This pattern will be confirmed once XRP breaks the $2.52 level.
Dark Defender has predicted that the price of XRP could exceed this level within 24 hours, leading a path to the $5.85 target before skyrocketing to $18.22.
Featured image created by Dall.E, chart from Tradingview.com
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