XRP News Today: An analyst now expects XRP price to rise from a falling wedge pattern, propelling it to an all-time high.
Market analyst CryptoWZRD posits that XRP is particularly responsive to wedge formations, suggesting that the current falling wedge could propel the cryptocurrency towards a potential surge.
Recent Market Movements
CryptoWZRD’s insights emerge following the latest falling wedge structure formed by XRP’s price fluctuations over the past few days.
This pattern is not an isolated event; it reflects a series of similar formations that the altcoin has experienced recently, reinforcing the analyst’s predictions.
XRP’s Current Wedge Formation
According to recent data, XRP has established this ongoing wedge pattern after a significant drop from a seven-year high of $3.4 on January 16, 2025.
Following this peak, XRP struggled to maintain its momentum, falling to a low of $2.8 on January 19 before beginning a notable rebound.
Since the January 16 high, XRP has entered a consolidation phase, attempting to break above the previous peak.
During this tug-of-war between buyers and sellers, CryptoWZRD’s analysis indicates the formation of a falling wedge.
At present, XRP remains below the upper trendline of this wedge.
To challenge the resistance at the upper trendline and potentially trigger a breakout, XRP needs to reclaim the January 20 high of $3.3, necessitating a modest 5% increase from its current position.
The 4-hour Commodity Channel Index (CCI) is currently at -40, signaling that XRP may be oversold amidst diminishing strength.
Bullish Indicators Ahead
Interestingly, this oversold position could be interpreted as bullish, suggesting that XRP has ample room for growth once bullish momentum returns.
A rise above the $3.35 mark could lead XRP to retest the wedge’s resistance, setting the stage for a potential breakout and a significant upward trend.
Targeting New Heights
CryptoWZRD believes that this upward trajectory could take XRP to a new all-time high, targeting $4, which represents an 81% increase from recent lows.
Currently priced at $3.08, reaching the psychological $4 mark would only require a 27% rise from current levels.
The analyst’s confidence stems from historical performances of XRP around wedge patterns.
Prior to the current structure, XRP experienced a falling wedge after a decline from $2.9 on December 3, 2024.
This previous pattern lasted over a month, and following a breakout on January 11, 2025, XRP saw a substantial rally that culminated in its recent peak of $3.4.
Broad Market Consensus
CryptoWZRD is not alone in this optimistic outlook; other analysts have also set their sights on the $4 target.
Last month, Ali Martinez forecasted that XRP could reach this level after breaking through a critical resistance at $2.6, which it has since surpassed.
Recently, Oscar Ramos noted his accumulation of XRP in anticipation of this upward movement.
Moreover, market observer Luca has highlighted a bull flag formation in the 2-hour XRP chart, which has persisted since the $3.4 peak on January 16.
$XRP – What are we thinking about this chart?
— Luca (@MirageMogul) January 22, 2025
Will this bull flag play out? pic.twitter.com/f4qvYsIEpY
A breakout above this pennant could further bolster XRP’s bullish momentum.
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