XRP broke out of a descending triangle on the 3-day chart, indicating a bullish reversal.
MACD shows a bullish crossover, while RSI is close to overbought, confirming short-term momentum.
The price target range is from $3.50 to $5.00, while the bearish trend cancellation zone is below $2.00.
XRP is showing strong bullish signals, decisively breaking out of the descending wedge on the 3-day chart against USDT. This bullish pattern is characterized by converging trend lines, where the price of XRP made lower highs and lower lows. Such a breakout usually indicates a potential reversal of the previous downward trend and has attracted significant market attention.
According to CoinMarketCap, the trading volume of the XRP token surged by 135% to $10.72 billion, as prices jumped by 5.63% in the last 24 hours, with the altcoin reaching a daily high of $2.64. At the time of writing, XRP is trading at $2.55.
The recent surge in buying pressure, marked by a significant green candle on the charts, confirms the breakout from the descending wedge.
XRP is forming a bullish falling wedge; analyst Captain Fibik sees growth potential.
The falling wedge was first identified and reported by Captain Fibik, a well-known crypto analyst.
A common method for estimating growth potential after a falling wedge breakout is to measure the height of the wedge's base and project it upward from the breakout point. Applying this technical approach to the XRP chart suggests a price target in the range of $3.5–$5.
What will drive the price of XRP to $3.29? Analysts say accumulation is strong.
The 3-day timeframe for this pattern adds weight to this development. It suggests that the falling wedge has been forming over a significant period. This implies that if the breakout holds, the resulting upward price movement of XRP could be substantial.
XRP's technical indicators also remain optimistic, supporting further growth.
According to the daily chart below, the price of XRP is above the 0.618 Fibonacci level at $2.36, often referred to as the 'golden pocket', indicating sustained bullish momentum. The next resistance is near the previous high around $2.85, with stronger resistance around $3.26 — the peak of the current Fibonacci range.
Source: TradingView
Notably, the RSI is at 67.82, approaching overbought territory, but not yet signaling exhaustion. This suggests that there may still be growth potential before a significant correction occurs.