- XRP forms falling wedge pattern, signaling possible bullish breakout soon.
- Analyst CryptoBull suggests XRP dip may be nearing its end.
- XRP struggles below $3, but technical signs hint at recovery.
XRP has slipped further from its July peak of $3.65, unsettling traders who once rode an intense bullish wave. As of today, the asset is trading at $2.82, marking a 5.43 percent drop in the last 24 hours.
This decline pushed XRP below the crucial $3 psychological support level. Nevertheless, with the increase in uncertainty, such technical indicators are now pointing to the fact that this period of correction is approaching its last stages.
According to a recent post on X by market analyst CryptoBull, XRP’s current price action shows signs of a potential turnaround. He presented a 4-hour diagram with a falling wedge pattern, which precedes a bullish reversal. This chart is between the middle of July and the beginning of August, with constant decreasing highs and lows, finishing with a close range of prices.
Recently, the price of XRP has shown support at the lower wedge and around the investment price of about $2.8. This trend, along with the evaporating volume, indicates the declining selling force and the possibility of finishing off the trend at hand.
Source: CryptoBull
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Analyst Highlights Breakout Potential as Momentum Cools
The technical pattern visible on the chart suggests that XRP could be setting up for a breakout. A breakout of the resistance line above the upper side of the wedge that is found approximately below $3 would signal the possible restoration of the bullish dynamics.
The breakout has yet to be confirmed, but the buildup in the chart can be addressed as a reason to be optimistic. Volume has been tapering off, consistent with a market preparing for a shift in direction. The market is very keen on the 2 7 level of support; this is now a decisive area.
If XRP manages to break below that level, further dips are to be expected. However, if there is increasing pressure towards the top and the asset succeeds in breaking the $3 mark with higher volumes, it can start a dramatic recovery.
CryptoBull’s update has drawn interest across the community, offering hope that the current downturn is nearing its end. The current attention is on whether XRP can break out of the falling wedge projection and begin to reverse the current trend.
While XRP’s sharp decline has triggered concern, key technical patterns suggest that a rebound may be approaching. A confirmed breakout could mark the beginning of a strong recovery from recent lows.
Also Read: Ripple Locks Over $2 Billion Worth of XRP in Escrow as Token Slips Below $3
