$XRP Will Explode After This Level Is Reached
XRP’s volatility surgeThe asset has now arrived at the very tip of a converging wedge, which is made up of a recently constructed ascending support trendline and a long-standing descending resistance line after spending months stuck in a descending triangle pattern.
With a current price of about $2.19, XRP is sandwiched between a rising trendline that has been protecting bulls since early April and a downtrend that has dominated price action since January.
The textbook volatility pinch that results from this configuration frequently comes before a strong breakout — or a precipitous breakdown. Volume has been decreasing, which is common for assets that are getting close to the top of this kind of structure.
Around 52, the RSI is neutral, indicating that neither buyers nor sellers have complete control. The indecisiveness and coiling of price pressure are reinforced by the EMA’s close, clustering at 50, 100 and 200. XRP would confirm a pattern breakout with a possible measured move aiming for the $2.70-$3.00 zone if it breaks above the descending resistance, which is currently at about $2.23 on strong volume.
An aggressive short-term gain could be possible as a result of this strong continuation signal. However, a pullback toward $1.98, testing the 200 EMA and possibly shaking weak hands before any sustained upward move, could result from a rejection at the current levels or from the inability to hold the ascending support near $2.17.