The cryptocurrency market has shown slight volatility in recent days, especially ahead of the US Federal Reserve meeting. XRP has its own signals indicating a potential growth.
Market Dynamics
Amidst the upcoming US Federal Reserve meeting, the cryptocurrency market, including Ethereum (ETH), is experiencing volatility. ETH is trading below the $4,500 mark after a 2% drop today. This has also impacted many altcoins, including XRP.
XRP's Falling Wedge Breakout
For several weeks, XRP was trading within a falling wedge, a classic bullish reversal pattern. The token found support near $2.69, which coincided with its 100-day moving average, and then rebounded sharply. XRP broke above the wedge's resistance line at around $3.02 and pulled back to retest the breakout zone near $2.95, where buying pressure resurfaced.
XRP's Future: What to Expect?
While the current setup appears constructive, XRP needs to clear short-term resistance to confirm bullish momentum. If the token decisively breaks above its recent local high of $3.1858, it could trigger a stronger rally. Based on the wedge breakout projection, XRP's potential upside target lies near $3.96, marking a significant move higher from current levels.
Currently, XRP shows signs of potential bullish movement, but further signals are needed for confirmation. Traders should remain cautious, as any drop below trendline support could act as a false breakout.
