In recent days, Ripple has shown activity within a long-standing descending wedge pattern, approaching the upper boundary. The current bullish momentum appears insufficient for decisive action.
Daily Chart
Ripple continues to trade within a long-standing descending wedge pattern, fluctuating between the $1.6 and $3.3 levels.
After briefly dipping below the psychological $2.0 support, XRP tapped into a liquidity pocket filled with sell-side stop orders, prompting a swift bullish rebound. The price has since recovered and is currently attempting to test the $2.4 resistance zone, coinciding with the wedge’s upper trendline.
However, despite the recent rally, bullish momentum remains weak, suggesting that the current move may lack the strength for an immediate breakout. Unless a decisive surge above $2.4 occurs, XRP is likely to remain range-bound within the wedge.
A confirmed breakout above this structure, however, would signal trend reversal and could open the door for a rally toward the $3 resistance zone.
4-Hour Chart
In the lower timeframe, XRP is forming a descending channel structure that resembles a potential bullish flag – a continuation pattern often following an uptrend.
The price recently bounced off the channel’s lower boundary and rallied above the midline before pulling back to retest it, an action that suggests increased buyer interest and accumulation at the current levels.
Following this healthy retest, XRP has surged once again and is now approaching the upper boundary around $2.2. Should the price manage to break through this resistance, it would validate the bullish continuation pattern and likely drive XRP higher toward the $2.4 region, where stronger resistance awaits.
Conclusion
The situation surrounding XRP remains in focus as the price exhibits fluctuations within the mentioned wedge and channel. It is essential to monitor resistance and support levels to assess potential future price movements.
The current dynamics of XRP highlight the need for careful analysis of key levels to forecast future changes in the market.
