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The XRP price is reportedly Positioning for a potential outbreak Because it is a textbook with a wig pattern, which a crypto analyst calls a perfect Bullish Setup. After a successful retest of a barrel of purchase zone, technical indicators suggest that XRP is preparing for a powerful movement to the $ 3.7 level soon.
Falling Wig Setup -Signal XRP -Price loss
XRP is currently introducing what Robert Mercer, a trade view Crypto analyst, to describe as the perfect breakout setup after one Long -term period of consolidation. This technical structure suggests that XRP could possibly experience a competitive rally from its current price of $ 2.25 to the level of $ 3.70.
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Especially on the 2-day XRP -Price graphMercer noted that the cryptocurrency within a consolidated one Falling wig pattern Since the end of December 2024. Since the establishment of a local soil at $ 2.11 in the same time frame, the Altcoin has repeatedly tested this soil level without breaking in a sustainable way.
The price zone of $ 2.11 has also increased as a reliable horizontal support level during the falling wed formation of six months. In the meantime, the price action of XRP is gradually compressed within the wedge pattern, which indicates reduced volatility and increasing pressure near the Wedge Apex.
Looking at the graph of the Tradingview analysts, it seems that XRP is now approaching the falling wedge resistance on the upper limit, which coincides with the level of $ 2.45, where a buy -heer test has taken place. This convergence is seen as a potential confirmation zone. If the buying of Momentum continues and XRP definitely closes above $ 2.45, the outbreak would confirm the end of the falling wedge and possibly initiate the next upward movement of the cryptocurrency.
Mercer emphasizes that XRP’s current bullish structure is a simple but perfect setup. And based on this setup, price objectives above the WIG are projected in different phases, with $ 2.98, $ 3.36 and $ 3.71 as resistance levels based on historical price actions and technical extensions. If the breakout applies and buy interest remains, the TradingView expert predicts that XRP can reach $ 3.5 – $ 4 region for the next three to five months, in accordance with the following versions in the past Similar wigbrox -breakouts On the market.
$ 1.40 breakdown still in the game if the resistance fails
Although the current structure of XRP supports a bullish prospect, Mercer’s price diagram shows that a failed outbreak remains a possibility. When XRP is rejected Once again at the resistance level of $ 2.45, it could be resume his consolidation Within the falling wig pattern. This would put down on the price and can lead to a retest of lower support zones.
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The most critical level of support in this Bearish scenario is around $ 1.4. Although this price level has not been tested immediately in recent months, it marks the lower limit of the falling wig pattern. A breakdown below this level can invalidate the wedge and bullish setup of the XRP. It can also indicate a possible shift in the market structure from consolidation to Bearish Continuation, which can lead to further disadvantage.
Featured image of Getty Images, Chart van TradingView.com