XRP price action reveals a bearish falling wedge pattern, with the market crash pushing the Ripple token lower.
The altcoin finds support at a declining trendline near $0.4183, challenging the overhead trendline.
XRP could target the 200D EMA at $0.53, the previous peak of $0.72, and potentially reach the $1 psychological mark.
Despite the prevailing declining trend, the XRP price action is revealing a bearish falling wedge pattern that could potentially lead to a bullish outcome.
The recent market crash has pushed the Ripple token below the crucial $0.50 psychological mark, raising concerns among investors.
However, with the latest XRP price recovery and the increasing chances of a broader market recovery, the altcoin appears to be gearing up for a bull run.
The question on everyone’s mind is whether this bullish trend will propel XRP to reach the coveted $1 mark. For a more comprehensive long-term prediction, be sure to check out our XRP price prediction article.
XRP Falling Wedge Pattern: A Precursor to a Bullish Reversal?
Reversing from the $0.7221 level, the declining trend in XRP’s price action has formed a falling wedge pattern on the daily chart. This downfall has also fueled the occurrence of a death cross between the 50-day and 200-day Exponential Moving Averages (EMA).
After dropping below $0.50, the altcoin found support at a declining trendline near the $0.4183 mark. With a new recovery rally underway, XRP has surged by an impressive 10% in just five days and is currently challenging the overhead trendline.
At the time of writing, the XRP price is trading at $0.46 range, with an intraday rise of 4.07%, marking the fifth consecutive bullish candle. The altcoin is displaying massive upside potential, with the possibility of a wedge breakout and a rounding bottom reversal pattern.
As the bullish reversal in XRP’s price gains momentum, sideline traders are eagerly anticipating a breakout rally. With the potential falling wedge breakout, the altcoin could target the 200-day EMA at $0.53.
Furthermore, according to the wedge pattern, the Ripple token price could aim for the previous peak of $0.72. If the altcoin finds support from the broader crypto market recovery, the uptrend in XRP could potentially reach the highly anticipated $1 psychological mark.
