XRPs Broadening Wedge Targets $17 Upside or $0.65 Downside

XRP is up nearly 5% in 24hours, trading at $2.23 with a $5.72B volume and $130.52B market cap.
An inverse head-and-shoulders formation points to a short-term breakout toward $2.70.
Long-term, XRP remains in an Ascending Broadening Wedge; a close above $5$6 could target $17, while a 70% downside risk points to $0.65.

Ripple (XRP) is looking bullish in the short-term price trajectory and is on the surge from the past few days. As the overall market turned into bullish price territory, XRP gained attention, and over the last 24 hours it is up by almost 5%.

Currently, the token is trading at $2.23 with a 24-hour trading volume of $5.72B and a market cap of $130.52B, showing signs for further upward movement as XRP surpassed a crucial resistance level and is aiming for higher price targets.

XRPs Broadening Wedge Targets $17 Upside or $0.65 Downside 50

Crypto analyst Ali highlighted that, in the short-term, the token appears to be forming an inverse head and shoulders pattern, potentially setting the stage for a bullish breakout toward $2.70.

ABW Pattern Sets $17 Upside or $0.65 Downside for XRP

Looking at the long-term XRP price potential, crypto analyst EGRAG CRYPTO shared an update on XRPs price movement within an Ascending Broadening Wedge (ABW) pattern, a technical formation discussed in a prior post. The ABW is a bearish reversal pattern characterized by higher highs and higher lows with diverging trendlines, indicating rising volatility.

The upper edge of the ABW is currently between $5 and $6. A convincing close above this range would signal a bullish breakout, potentially leading to a measured move targeting $17, a 30% probability scenario. However, the pattern has a 70% chance of breaking downward, which could push the tokens price to $0.65, as noted in the earlier post.

The ABWs 70% downside probability aligns with its bearish nature, but crypto markets are volatile, and external factors could override technical patterns.

However, the focus narrows to the $5-$6 range as the critical breakout zone, with no mention of the earlier $3.50 or $1.90 levels, suggesting either those levels were bypassed or the price action has evolved. The $17 target and downside risk to $0.65 remain consistent.

Text source: TronWeekly

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