Market analyst CryptoBull has released a new technical forecast regarding XRP's short-term prospects, anticipating a rise to $4 in the next two days.
XRP Price and Technical Analysis
CryptoBull tweeted, accompanied by a chart of the XRP/USD 4-hour time frame on Bitstamp, stating that "XRP will breakout of this bullish falling wedge and climb towards $4 within the next 2 days!" The chart shows a falling wedge pattern forming since mid-July, bounded by two descending trend lines converging just beyond August 4. This pattern often indicates a potential upward reversal, with CryptoBull projecting a sharp move that could take XRP up to $4. At the time the chart was posted, XRP was trading around $2.99, with the candlestick formation remaining within the wedge.
XRP Community and Varied Predictions
Other market participants responded to CryptoBull's analysis with different interpretations and expectations regarding timing and volatility. X user Adam Johnson commented, "Timescales are always dangerous, but I like the optimism!! I won’t hold you to it, kudos if you’re right and if not I’m sure it’s coming in the relatively short term." His message conveyed cautious optimism. Commenter Mary Star also provided her view, suggesting that it could take 3-5 days with a possibility of a dip into the mid-to-high $2.70s first.
Key XRP Price Levels
The chart displays price levels marked by horizontal lines around the $3.00 zone, currently serving as a pivotal area. The lower boundary of the wedge appears to provide support slightly above $2.80. A brief wick below this level occurred around July 24, but the price quickly rebounded inside the wedge. The 200-day moving average line is also visible, remaining below the wedge, reinforcing that the current consolidation is above long-term support.
CryptoBull's forecast is based on technical indicators and the anticipated increase in volatility, but the ultimate direction of XRP's future movement will depend on confirmation from price and volume action.
