$XRP price has increased by 50% over the last five weeks, but it is still 30% below its January peak. Currently, the asset is trading at $2.42, and the market is balancing between #bullish hopes and alarming #signals on the chart.
ā”ļø What is supporting the growth?
š” Retest of the "falling wedge" pattern ā the price has returned to the upper boundary of the wedge, and if it holds, this could signal the start of a move toward $3.60.
š” Psychologically important level ā $2.58 ā the average entry price for whales, and a break above this level could increase interest from major players.
ā”ļø What could break the trend?
š” "Inverted cup with handle" formation ā if the support at $1.11 is broken, the technical target for a decline is $0.50.
š” Price below whales' average entry ā the current price is still below $2.58, and history shows this often leads to a subsequent decline to levels where retail investors entered.
š” Maximum "pain scenario" ā a drop to $0.67ā$1.04, where the average prices for smaller holders are located.
As long as #xrp maintains the wedge structure, the market stays in a bullish scenario. But if the price falls below $1.75, the asset could crash to $1.00 or lower. The key level is $2.58: it will determine whether a new growth wave begins or the asset enters a prolonged correction.
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