XRP Trapped in Wedge: Is a $3.76 Breakout Coming Soon?
- XRP holds firm near $2.00 in a falling wedge, signaling a possible breakout toward $3.00 and beyond.
- Analysts highlight bullish targets of $2.90, $3.28, and $3.76 if XRP confirms a breakout with volume.
- XRPs price action aligns with past projections, boosting trader confidence in a larger bullish formation.
XRP continues to act as an interest of traders with its price trapped in a falling wedge formation. The support area around $2.00 is still standing, which indicates that it could be a key level of breakout. Such a trend may further be an indication that prices will rise in the coming days. Thus, if the bulls gain more ground, XRP could retrace back to its former high ground and sail past $3.00.
Falling Wedge Formation
In an X post on Wednesday, Rose Premium Signal shared a 2-day chart update. The analysis shows XRP ranging in a congested descending triangle formation, more specifically a falling wedge. This formation normally results in a bullish breakout. Rose pointed out $2.00 as significant in bears, stating that it shall act as a resistance level. At the same time, the price has remained above this floor until now.
Source: X
Analysts pointed out potential upside targets, and these include $2.90, $3.28, and $3.76. Traders are looking forward to such prices, as they believe they are the probable resistance levels that the XRP token will attain after a breakout. These technical traders are now turning more to the price movements in the market with the positive forecast in their view.
Dark Defender pointed out the expected displacements that occurred between the 9th and 16th of April. The forecast was a start from $1.90 to $2.222. XRP closely followed this move and over time developed trust in the model.
XRP Community Sentiment
Analysis indicates that the fundamental theme in the current market conditions is volume and confirmation. Any breakout should ideally be preceded by a clear penetration of the wedge resistance line. Without that, the price could pull back and test the $2.00 support level, and further, the bullish run could be halted.
Nevertheless, the sentiment in the XRP community is still generally positive, yet guarded. Past wedge breakouts in Ripples price chart have mainly resulted in large movements. These patterns are used for defining the place where a trader should enter into the market and where to exit from it. The pattern is also attractive to short-term momentum traders.
Read more: https://www.tronweekly.com/xrp-trapped-in-wedgeis-a-3-76-breakout-coming/
Text source: TronWeekly
