XRP is drawing increased market attention as a prominent technical setup hints at a potential explosive price movement. Trading at $2.27, the cryptocurrency has formed an Ascending Broadening Wedge, a pattern often linked to high volatility and strong breakouts.
According to EGRAG CRYPTO, a notable market analyst, the wedge shows key support around $1.90 with resistance between $5.00 and $6.00. A confirmed breakout above this range could initiate a powerful bullish run, with EGRAG projecting a possible rally to $17.50 based on the pattern’s measured move.
Current price action remains tight, despite an 8.5 percent rise in the last 24 hours. However, the pattern is nearing a critical point where a breakout or breakdown could soon occur.
Market participants are watching price behavior near $1.90, $3.50, $5.10, and $6.00, which could define XRP’s short to mid-term trend.
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Rising Network Activity Suggests Quiet Accumulation Ahead of Breakout
Growing activity on the XRP Ledger serves as a supportive factor for bullish predictions. According to the data analysis provided by Ali Martinez, the number of active addresses on the XRP Ledger went from 27,352 to 40,366 from April 19 to April 20, which resulted in a 67.5 percent increase.
Source: Ali-Chart
The spike in XRP Ledger activities became apparent when prices merely ticked up from $2.09 to $2.08, which indicates potential investor accumulation. Price spikes tend to follow these market movements while crypto traders execute buy orders if the technical indicators shrink.
Despite bullish sentiment, XRP faces immediate resistance between $2.12 and $2.16. The $2.12 to $2.16 price region acts as a barrier based on the 100-day Exponential Moving Average to limit price increases in the recent trading period.
A direct crossing of this zone by the price should serve as a clear sign that a price break occurs.
Source: Tradingview
Conclusion
XRP now stands at a pivotal moment as chart patterns and on-chain trends align. A breakout from the wedge could spark a major rally, but failure to hold support may lead to a significant pullback. All eyes remain on key price levels in the days ahead.
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