Analyst XRP CAPTAIN has voiced his opinion regarding the presence of a falling wedge on XRP's 4-hour chart. This technical formation indicates a potential bullish breakout with a target range between $3.00 and $3.10.
Identification of Falling Wedge on XRP Chart
According to XRP CAPTAIN, XRP is approaching a critical moment, with its breakout target between $3.00 and $3.10. The falling wedge, characterized by a converging downward trendline, signals a potential reverse to bullish momentum. In this case, the wedge reflects a tightening range and decreasing volatility, which typically precedes a sharp move to the upside.
Current XRP Price Metrics
At the time of reporting, XRP is trading at $3.04 after reaching a daily high of $3.13 and a low of $2.91. Despite recent volatility, the asset has managed to hold above key psychological support at $3.00, keeping the bullish thesis intact. The current price marks a minor intraday loss of approximately 1.9%.
Key Support and Resistance Levels
Should XRP break above the wedge resistance around $3.10 with significant volume, analysts suggest a swift rally toward $3.50. Extended targets between $4.00 and $5.00 are conceivable, particularly if market sentiment improves and institutional demand increases. On the downside, a break below $2.30–$2.25 could invalidate the pattern, making it critical for support near $2.10.
Given the current situation on the chart and market metrics, traders are focused on the $3.10 level, with a likely breakout indicating the start of significant price growth for XRP.
