<ul>
 <li>XRP price action reveals a bearish falling wedge pattern, with the market crash pushing the Ripple token lower.</li>
 <li>The altcoin finds support at a declining trendline near $0.4183, challenging the overhead trendline.</li>
 <li>XRP could target the 200D EMA at $0.53, the previous peak of $0.72, and potentially reach the $1 psychological mark.</li>
</ul>
Despite the prevailing declining trend, the <a href="https://thenewscrypto.com/?s=XRP" target="_blank" rel="noopener noreferrer nofollow">XRP </a>price action is revealing a bearish falling wedge pattern that could potentially lead to a bullish outcome.
The recent market crash has pushed the <a href="https://thenewscrypto.com/?s=Ripple" target="_blank" rel="noopener noreferrer nofollow">Ripple</a> token below the crucial $0.50 psychological mark, raising concerns among investors.
However, with the latest XRP price recovery and the increasing chances of a broader market recovery, the altcoin appears to be gearing up for a bull run.
The question on everyone’s mind is whether this bullish trend will propel XRP to reach the coveted $1 mark. For a more comprehensive long-term prediction, be sure to check out our XRP price prediction article.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="509" src="https://thenewscrypto.com/wp-content/uploads/2024/07/image-65-1024x509.png" alt="" class="wp-image-103103" srcset="https://thenewscrypto.com/wp-content/uploads/2024/07/image-65-1024x509.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-65-300x149.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-65-768x382.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-65-1536x764.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-65.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<h2 class="wp-block-heading" id="h-xrp-falling-wedge-pattern-a-precursor-to-a-bullish-reversal">XRP Falling Wedge Pattern: A Precursor to a Bullish Reversal?</h2>
Reversing from the $0.7221 level, the declining trend in XRP’s price action has formed a falling wedge pattern on the daily chart. This downfall has also fueled the occurrence of a death cross between the 50-day and 200-day Exponential Moving Averages (EMA).
After dropping below $0.50, the altcoin found support at a declining trendline near the $0.4183 mark. With a new recovery rally underway, XRP has surged by an impressive 10% in just five days and is currently challenging the overhead trendline.
At the time of writing, the XRP price is trading at $0.46 range, with an intraday rise of 4.07%, marking the fifth consecutive bullish candle. The altcoin is displaying massive upside potential, with the possibility of a wedge breakout and a rounding bottom reversal pattern.
As the bullish reversal in XRP’s price gains momentum, sideline traders are eagerly anticipating a breakout rally. With the potential falling wedge breakout, the altcoin could target the 200-day EMA at $0.53.
Furthermore, according to the wedge pattern, the Ripple token price could aim for the previous peak of $0.72. If the altcoin finds support from the broader crypto market recovery, the uptrend in XRP could potentially reach the highly anticipated $1 psychological mark.

Ripple (XRP) Poised for Bull Run as Falling Wedge Pattern Hints at Potential Breakout

目次

TheNewsCrypto

2024年7月12日公開の他の記事

SushiSwap (SUSHI) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Next Breakout Crypto: BlockDAG’s $57.4M Presale Takes it Above Optimism and Arweave Price Predict...

Altcoin Season and Bitcoin: What to Expect in 2024?

Crypto exchange Payeer faces $10m fine for flouting EU sanctions on Russia

CoinEx Research Released: June Crypto Recap Including Bitcoin’s Range, Ethereum’s ETF Buzz, and S...

Bankrupt FTX Sends Millions in Stablecoins to Market Makers: Liquidity Play or Arbitrage?

ニュースレターを購読して暗号資産の最新情報を毎日入手！