Ripple has experienced a decisive breakout from a multi-year wedge pattern, marking a significant bullish trend and reaching its all-time high.
The Weekly Chart
During the weekly timeframe, XRP demonstrated substantial strength by breaking above a key resistance zone, including the multi-year wedge’s upper boundary and the prior major swing high of $2. This bullish breakout was fueled by the 100-day and 200-day moving averages at $0.6, highlighting strong buyer activity. The asset has now reached its ATH at $3.4, with the RSI indicator signaling an overbought state. While a temporary correction or consolidation may be anticipated, the ongoing buying pressure suggests the possibility of continuing the uptrend toward new ATHs.
The 4-Hour Chart
On the 4-hour timeframe, Ripple’s bullish structure is evident. After breaking above a short-term sideways wedge pattern at $2.5, the asset surged optimistically, nearing its ATH. However, the price encounters resistance near the $3.3-$3.4 region, a zone with significant supply. While a temporary rejection and market consolidation may occur, the strong bullish momentum suggests a potential breakout above this resistance, possibly setting new ATHs. Nevertheless, heightened volatility should be anticipated in the near term.
Conclusion
Ripple is in a phase of significant growth, overcoming various critical levels. While a temporary correction is not ruled out, the continued buying pressure leaves room for future breakouts and achievements of new peaks.
Ripple is in a phase of significant growth, overcoming various critical levels. While a temporary correction is not ruled out, the continued buying pressure leaves room for future breakouts and achievements of new peaks.
