XRP breaks multi-year falling wedge, a bullish reversal signal, trading near $0.9555 after an 87.57% surge.
Key resistance at $1.30; surpassing it could lead to $2.00. RSI signals overbought conditions, indicating potential pullbacks.
High trading volume and widening MACD gap confirm bullish momentum; short-term correction likely before further rally.
Analyst MikybullCrypto predicts a potential rally in XRP reminiscent of its massive 2017 surge. Examining XRP's performance, notable patterns emerge, including a significant breakout from a multi-year falling wedge, a classic bullish reversal indicator.
At press time, XRP was trading at $0.9733, having surged by 75.25% in the past two weeks, highlighting intensified buying momentum. Historical patterns and key technical levels suggest XRP may experience further upward movement despite possible short-term corrections.
Historical Patterns and Key Levels
XRP’s price history shows two distinct falling wedge patterns. The first breakout in late 2017 drove XRP from $0.01 to $3.30, marking a remarkable 30,000% gain. More recently, a multi-year wedge that began in 2018 concluded with a breakout, with XRP reaching its current level.
Source: MikybullCrypto
Immediate support is now situated at $0.50, while strong long-term support exists at $0.30. On the resistance front, $1.30 stands as the next major hurdle, and surpassing it could potentially open the path to $2.00 and higher.
Accelerating Bullish Momentum
Momentum indicators reflect robust buying pressure. The RSI recently climbed to 91.06, breaching overbought levels and hinting at potential pullbacks for consolidation. Additionally, MACD readings highlight a widening gap between the MACD and signal lines, further confirming strong upward momentum.
Source: TradingView
An increase in trading volume supports these trends, with recent daily volume reaching 407.239 million. This aligns with the breakout’s trajectory, indicating heightened investor interest.
Potential Scenarios as XRP Targets Higher Levels
XRP’s key psychological resistance lies at $1.00. Breaking this level could propel XRP toward $1.20 and $1.50 in the short term. However, with RSI indicating overbought conditions, a pullback to $0.80 or $0.85 may occur before a continued upward momentum.
Failure to sustain momentum could lead to a retracement to stronger support at $0.70, but broader market conditions will play a critical role in defining XRP’s path.
