XRP Falling Wedge Pattern Identified. Analyst Says Big Price Breakout Is Coming
Main Idea
Analyst identifies a falling wedge pattern on XRP's 4-hour chart, suggesting a potential bullish breakout with targets between $3.00 and $3.60, while key resistance and support levels are highlighted.
Key Points
1. XRP CAPTAIN identifies a falling wedge pattern on XRP’s 4-hour chart, indicating a potential bullish breakout with targets between $3.00 and $3.10, possibly extending to $3.60.
2. XRP is currently trading at $3.04, having held above key psychological support at $3.00 despite recent volatility.
3. A breakout above $3.10 with significant volume could lead to a rally toward $3.50, with extended targets between $4.00 and $5.00.
4. A break below $2.30–$2.25 could invalidate the pattern, with $2.10 as a key support zone.
5. XRP remains up more than 60% from its mid-July lows, with momentum building for a potential breakout.
Description
Renowned crypto chart analyst XRP CAPTAIN has identified a classic falling wedge pattern on XRP’s 4-hour chart, signaling a potential bullish breakout on the horizon. According to his recent analysis, XRP is approaching a critical juncture, with a projected breakout target between $3.00 and $3.10, and possible upside momentum pushing the price beyond $3.60. This technical formation, marked by a converging downward trendline, often indicates a reversal in bearish momentum. In XRP’s case, the wedg...
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