Ripple Price Analysis: XRP En Route to $2.4, Here’s The Real Target
Ripple has been trading within a prolonged descending wedge pattern, roughly reaching the upper boundary. The bullish momentum apears to be insufficient with expectation pointing toward continued consoldiation within this pattern, until a valid breakout occurs.
XRP Price Analysis
By Shayan
The Daily Chart
Ripple continues to trade inside a long-standing descending wedge pattern, fluctuating between the $1.6 and $3.3 levels.
After briefly dipping below the psychological $2.0 support, XRP tapped into a liquidity pocket filled with sell-side stop orders, prompting a swift bullish rebound. The price has since recovered and is currently attempting to test the $2.4 resistance zone, coinciding with the wedge’s upper trendline.
However, despite the recent rally, bullish momentum remains weak, suggesting that the current move may lack the strength for an immediate breakout. Unless a decisive surge above $2.4 occurs, XRP is likely to remain range-bound within the wedge.
A confirmed breakout above this structure, however, would signal trend reversal and could open the door for a rally toward the $3 resistance zone.
The 4-Hour Chart
In the lower timeframe, XRP is forming a descending channel structure that resembles a potential bullish flag – a continuation pattern often following an uptrend.
The price recently bounced off the channel’s lower boundary and rallied above the midline before pulling back to retest it, an action that suggests increased buyer interest and accumulation at the current levels.
Following this healthy retest, XRP has surged once again and is now approaching the upper boundary around $2.2. Should the price manage to break through this resistance, it would validate the bullish continuation pattern and likely drive XRP higher toward the $2.4 region, where stronger resistance awaits.
The post Ripple Price Analysis: XRP En Route to $2.4, Here’s The Real Target appeared first on CryptoPotato.
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Ripple Price Analysis: XRP En Route to $2.4, Here’s The Real Target
Ripple has been trading within a prolonged descending wedge pattern, roughly reaching the upper boundary. The bullish momentum apears to be insufficient with expectation pointing toward continued consoldiation within this pattern, until a valid breakout occurs.
XRP Price Analysis
By Shayan
The Daily Chart
Ripple continues to trade inside a long-standing descending wedge pattern, fluctuating between the $1.6 and $3.3 levels.
After briefly dipping below the psychological $2.0 support, XRP tapped into a liquidity pocket filled with sell-side stop orders, prompting a swift bullish rebound. The price has since recovered and is currently attempting to test the $2.4 resistance zone, coinciding with the wedge’s upper trendline.
However, despite the recent rally, bullish momentum remains weak, suggesting that the current move may lack the strength for an immediate breakout. Unless a decisive surge above $2.4 occurs, XRP is likely to remain range-bound within the wedge.
A confirmed breakout above this structure, however, would signal trend reversal and could open the door for a rally toward the $3 resistance zone.
The 4-Hour Chart
In the lower timeframe, XRP is forming a descending channel structure that resembles a potential bullish flag – a continuation pattern often following an uptrend.
The price recently bounced off the channel’s lower boundary and rallied above the midline before pulling back to retest it, an action that suggests increased buyer interest and accumulation at the current levels.
Following this healthy retest, XRP has surged once again and is now approaching the upper boundary around $2.2. Should the price manage to break through this resistance, it would validate the bullish continuation pattern and likely drive XRP higher toward the $2.4 region, where stronger resistance awaits.
The post Ripple Price Analysis: XRP En Route to $2.4, Here’s The Real Target appeared first on CryptoPotato.
Read More
Why Is Ripple’s (XRP) Price Up Today?