XRP/BTC forms a falling wedge pattern with an inverted hammer, signaling possible bullish reversal.
RSI shows weakening bearish momentum, holding near long-term support at 44.75.
Price targets align with Fibonacci levels, setting up 0.00009200 BTC as potential breakout zone.
After months of sideways price action, the XRP/BTC trading pair is showing technical signs of life, leading analysts like EGRAG CRYPTO to believe a major trend reversal is soon to happen.
According to the analyst, a combination of classic chart patterns on the XRP vs. Bitcoin chart suggests that after a long downtrend, a breakout may be setting up.
The analyst’s latest XRP/BTC chart shows an inverted hammer candlestick forming after a prolonged downtrend. This pattern appears near the top of the wedge, often signaling a reversal in trend. The analysis also presents a falling wedge, a structure that suggests price compression and usually ends with a breakout to the upside.
The falling wedge began after XRP/BTC peaked and started forming lower highs and lower lows. The price currently moves inside this narrowing…
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