XRP Descending Wedge Resembles Preceding Ascending Triangle Setup

XRP's price movement has some analysts pointing to a potential breakout similar to its last massive rally. MikybullCrypto, a crypto veteran, shared his analysis on social media, highlighting the similarity between the current descending wedge and the ascending triangle that preceded the 2024 breakout from $0.65 to $2.60+. The XRP price has been consolidating in a descending wedge since its peak near $3.90, which is structurally similar to the 2022-2024 ascending triangle.

The current RSI reading of around 40 is a significant drop from its peak of nearly 90 during the 2024 breakout. This declining RSI throughout the price decline, now showing early signs of curling upward, is a classic momentum divergence to watch. If price makes a similar or higher low while RSI trends higher, that would technically support the reversal thesis.

The next major resistance zone from the 2024 rally is around $1.30-$1.40, and if the pattern resolves to the upside, XRP could target $3.00-$3.50 in the medium term. However, the pattern alone does not guarantee the outcome, and XRP could just as easily break the lower support and continue the downtrend instead.