XRP News Today: XRP Breaks Falling Wedge Pattern, Eyes 70% Gain

XRP, the cryptocurrency associated with Ripple, has garnered significant attention following a bullish technical development identified by prominent crypto analyst XRP2020. According to a recent post, XRP has broken out of a falling wedge pattern, a chart formation that often precedes substantial price movements. This technical breakout suggests a potential reversal in the token's downward trend, positioning it for a new bullish phase.

The falling wedge pattern is characterized by lower highs and lower lows within converging trendlines, indicating a period of consolidation and diminishing selling pressure. XRP2020's analysis shows that the asset has breached the upper boundary of this wedge, a technical confirmation that the downtrend may be over. This development is particularly noteworthy given XRP's prolonged correction following its previous highs. If sustained, this breakout could pave the way for a powerful rally, with analysts projecting strong upside potential.

Several other well-regarded analysts have also expressed bullish sentiments regarding XRP's current setup. XRPunkie noted a hidden bullish divergence forming alongside the breakout, suggesting that XRP is "overall bullish soon." EGRAG Crypto added that the wedge has reached its apex, indicating that the window for a breakout is closing quickly and that XRP is poised for a decisive move. Francis Hunt, known as "The Market Sniper," believes that the $2.00 level offers strong support and expects XRP to bounce higher. Meanwhile, analyst Quantum Ascent suggests a minor dip to $2.13 may occur to complete the corrective structure before XRP shoots upward.

Technical projections for XRP vary, but several analysts see the token climbing significantly if momentum continues. A confirmed breakout could send XRP soaring by 70%, potentially reaching $3.50 to $4.00 in the coming weeks. The Currency Analytics places the next major resistance near $2.40. A breakout above that level could open the door to $3 by September, especially if Ripple’s regulatory clarity improves. However, traders are advised to remain cautious. Failure to hold key support zones, particularly around $2.00 or the lower trendline near $1.47, could invalidate the bullish outlook and drag prices lower.

In addition to the technical setup, XRP's bullish sentiment is also fueled by Ripple's ongoing legal interactions with the U.S. SEC. Recent developments, including Ripple’s decision to drop its counter-appeal and the expected withdrawal of the SEC’s appeal, have added clarity and stability to XRP’s regulatory landscape. Such progress could pave the way for greater institutional adoption and upward price momentum. With several respected analysts aligning behind the same view and supportive regulatory tailwinds in play, XRP appears poised for a significant move. At $2.18, the token is trading just below the key breakout zone. If it clears resistance around $2.30–$2.40, a rally toward $3 and beyond may not just be possible, it may be imminent.