XRP is on the brink of surpassing a significant resistance at the upper limit of the wedge, set at $2.5. A successful breach could ignite a new surge towards the $3 mark.
XRP Analysis – The Daily Chart
Following a wave of buyers at the crucial 200-day moving average support near $2.1, XRP has climbed towards a decisive resistance zone. This pivotal area includes the top line of the extended wedge pattern at $2.5, which presents a substantial challenge for buyers. A rise above this point, followed by a successful pullback, could kickstart a bullish rally toward Ripple’s peak of $3.4 in the mid-term.
If faced with rejection at this resistance, it’s likely that we’ll see a consolidation phase within the wedge, allowing the market time to regain momentum. Currently, XRP remains trapped between the wedge’s upper limit and the 100-day and 200-day moving averages, awaiting a breakout to set its next major course.
The 4-Hour Chart
On the 4-hour chart, Ripple’s push towards the $2.5 wedge limit signifies increasing bullish pressure. However, the price has encountered a slight rejection at this point, leading to a retracement to the short-term support zone at $2.3. This area is expected to serve as a temporary base.
Currently, XRP is trading within a tight range between the $2.3 support and the wedge’s upper limit. The most likely outcome is a bullish breakout above this structure, which would clear a path for a continuation towards the $3 resistance zone.
