XRP Price Flashes Falling Wedge Pattern, Why $2.8 Is A Possible Target From Here

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As a seasoned researcher and analyst with years of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. However, the current XRP price action has caught my attention, and I find myself intrigued by the potential it holds.

On the XRP price graph, a pattern known as a Falling Wedge has appeared, sparking talk about an upcoming bullish turn and possible record highs. As per a cryptocurrency expert’s analysis, if XRP manages to break free from this Falling Wedge, it could potentially reach three distinct new price levels, with $2.8 being the highest predicted value.

Falling Wedge To Trigger XRP Price Surge To $2.8

Over the past month, the value of XRP has experienced a robust surge, climbing from $0.5 to more than $2 within a single month. Recognizing this remarkable growth, a cryptocurrency analyst on TradingView named ‘MBM_Crypto’ has pointed out that the XRP price has recently taken a pause and is now “taking a breather” in a Falling Wedge configuration following its substantial upward spike.

A Falling Wedge is a graphical chart structure that signals a possible change in direction, moving upward. Often interpreted as a positive sign, it usually emerges amid a decline, characterized by two gradually meeting support and resistance lines that descend.

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. 

an initial rise towards approximately $2.6, followed by another projected increase to about $2.7, with the highest anticipated target at around $2.8. To reach these significant price points, the analyst believes that XRP’s value must first surpass the resistance zone around $2.42, which could signal a potential continuation of bullish trends for this cryptocurrency.

The analyst expresses high confidence in his upward price prediction for XRP, but he also considers the chance of a short-term dip to around $2.15 or possibly $1.96. After this potential decline, the crypto expert anticipates that XRP might break free from the Falling Wedge pattern and surge ahead.

Analyst Says XRP Is ”Super Bullish”

As a researcher delving into the cryptocurrency market, I’ve observed XRP trading at $2.4 following a minor downward trend in recent weeks. However, the optimism among analysts about its future price potential remains undiminished. A well-known crypto analyst, Dark Defender on platform X (previously Twitter), has expressed a highly bullish outlook for XRP during this cycle, labeling it as “super bullish”.

As a researcher, I’ve been closely monitoring the cryptocurrency market, and I’ve noticed that XRP seems primed to conclude its ABC Corrective Wave formation on the daily chart. This could potentially mark a shift from a downtrend to an uptrend. The validity of this pattern will be confirmed once XRP surpasses the $2.52 resistance level.

The prediction by Dark Defender is that the value of XRP might surpass this current point in the next 24 hours, leading towards a goal of around $5.85. Afterward, it could possibly soar up to approximately $18.22.

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2024-12-12 17:46