XRP Poised for Breakout as Analyst Sees Bullish Pattern Forming
XRP has been consolidating since its sharp rally in mid-August.
Crypto commentator and analyst XRP Update shared a 4-hour chart that tells a bullish story.
The asset's price has been grinding lower within a falling wedge, with highs and lows converging steadily.
XRP currently sits at $1.33, near the lower boundary of that wedge structure.
XRP Update stated that the setup is 'tightening around $1.33,' and he believes the asset is ready to expand.
The falling wedge formed directly after XRP's breakout rally.
A breakout above the wedge and reclaim of the channel puts $1.60 as the first level in focus, representing a potential gain of approximately 20% from $1.33.
Beyond that, the analysis projects a move to $2.19, the horizontal resistance level marked on the chart, which sits well above the current price and represents a potential gain of roughly 64% from $1.33.