This type of pattern often signals a period of consolidation followed by a potential breakout when price action moves beyond the upper trendline. In this instance, the price of $XRP appears to have broken above the descending resistance line in early September, creating interest around the first potential upside target displayed on the chart.
The Falling Wedge Pattern
XRP’s price action displayed strong upward momentum, reaching an all-time high of $3.65 in July before entering the consolidation phase visible on the chart. This phase reached its lowest point in early September when the asset fell to $2.71. This move marked the deepest retest of the wedge’s lower boundary.
However, XRP’s trajectory shifted shortly after, with a swift climb to regain the $3 support level. This surge pushed XRP out of the falling wedge, breaking above the descending upper line, which typically signals that buyers are gaining control, especially when accompanied by increased volume or sustained higher lows.
XRP’s Next Target
The chart identifies $3.6389 as the first level, which sits about 16.85% above the current price. This figure is explicitly marked on the chart with an upward green arrow, indicating where the price could advance if the breakout continues.
This would place the digital asset just below its all-time high, with a chance that the breakout could continue and push XRP into a price discovery phase.
