XRP has formed a large, multi-month descending wedge, a classic bullish breakout pattern.
Analysts note the price is nearing the pattern’s apex, suggesting a major rally is imminent.
The technical structure suggests XRP is building momentum for a sustained upside move.
After months of steady consolidation, XRP has reached a critical inflection point, according to multiple technical analysts. A massive descending wedge pattern on the daily chart has compressed the token’s price into an increasingly tight range, leading to a consensus view that a significant, high-volatility move is now imminent.
While XRP has seen short-term declines, many market watchers agree that a breakout or breakdown is now imminent. The coin is currently trading at $2.16, showing slight losses on the day and the week.
However, the pattern’s structure and the timing of the current setup suggest a high-probability shift is near. Consequently, all eyes are on XRP’s next steps as it tests historical support and resistance levels.
Related: XRP Price Prediction: Why XRP Price Going Down Today?
A ‘Monster’ Wedge Nears Its Conclusion
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