XRP Surges on Bottoming Tail and Wedge Breakout Ahead of Potential CLARITY Act Vote
XRP price briefly dipped below $1 this week before rebounding quickly, forming what analyst Gareth Soloway sees as a bottoming tail and establishing support around $0.96, $0.97 after a recent wedge breakout.
Soloway believes the rapid bounce above $1 is significant because it suggests retail stop-loss orders have clustered around this psychological level, leading to forced selling and liquidations.
He also points out that a longer-term wedge pattern recently broke out, but XRP has instead been drifting slightly lower since. However, he sees strong support building in the 96 to 97 cent range, which he expects buyers to defend.
Soloway is currently long on XRP and believes its price could rally 50%, 100% if the CLARITY Act passes by October, with a target of $1.50, $1.55. However, he notes that ethics provisions and negotiations represent regulatory risk to adoption and token performance.