After surging to a peak of $3.65 in July, XRP has entered a sharp correction, now trading around $2.82 — a 5.43% drop in the last 24 hours alone. This decline has dragged the price below the critical $3 psychological level, raising concerns among traders who once rode the bullish wave. But emerging technical signals may now offer a glimmer of hope.
Renowned market analyst CryptoBull recently shared a detailed 4-hour chart on X, highlighting a descending wedge pattern forming between mid-July and early August. The structure, defined by progressively lower highs and lows, is typically viewed as a bullish reversal pattern — especially when paired with weakening volume and stabilizing price action.
Notably, XRP has consistently found support near the $2.80 zone — a level many consider a key accumulation price. As volume dries up, it suggests selling pressure may be dissipating, potentially setting the stage for a breakout.
Breakout Imminent? Analyst Sees Bullish Momentum on the Horizon
CryptoBull emphasizes that the price is now approaching the upper resistance boundary of the wedge, just below the $3 mark. A breakout above this line — especially with a surge in volume — could serve as a strong confirmation of trend reversal and a renewed push toward higher levels
However, the situation remains fragile. The $2.70 level is emerging as a crucial make-or-break zone. A drop below it could invalidate the bullish setup and trigger further downside. On the other hand, reclaiming $3 with strong momentum would likely spark renewed interest and signal the end of the current correction.
The market community is closely watching XRP’s next move, as the convergence of support, waning volume, and a classic wedge pattern builds a compelling case for recovery. While the correction has tested investor confidence, the technical chart now paints a picture of potential strength ahead — waiting only for confirmation through a breakout.
Bottom Line: XRP’s decline may be entering its final stages. A decisive move above the wedge resistance could ignite a fresh uptrend and restore bullish sentiment across the market.
