After months of subdued price movement, XRP is forming a classic falling wedge pattern, indicating possible buildup for a breakout. The cryptocurrency has consolidated for over seven months, recently approaching the wedge’s resistance, suggesting emerging bullish momentum.
Market indicators point to uncertainty. According to analyst GemXBT on X, XRP’s price remains near $2.19, displaying a sideways trend. Short-term moving averages (5MA, 10MA, 20MA) are converging, signaling indecision. A neutral RSI around 50 and a flat MACD further confirm low momentum. Trading volume is also subdued, reflecting cautious market participation.
Analyst XRPunkie noted that XRP has been confined within this wedge formation on the weekly chart for the past seven months, characterizing a tight trading range. The recent price activity consistently tests the wedge’s upper resistance, suggesting buyer strength. XRP also exhibits a hidden bullish divergence, often a precursor to an upward trend continuation.
Repeated resistance tests may weaken the barrier, increasing the likelihood of a breakout. XRPunkie concluded with an optimistic outlook, anticipating a bullish move if current momentum persists.
At the time of reporting, XRP traded at $2.17, holding a market capitalization of $128.61 billion and a 24-hour volume of $2.59 billion, amid ongoing consolidation.