XRP at Wedge's Edge: ETF Hopes and $2.90 Pivotal Breakout

XRP is currently trading within a falling wedge pattern, with key support and resistance levels shaping its near-term trajectory. The price has consolidated around $2.78 as a strong support level, with resistance forming at $2.85. These levels have held firm over the past 24 hours, reflecting a structured price movement. A successful breakout above $2.85 could signal further upward momentum, potentially pushing the price toward $3.66, according to technical analysis. The narrowing price range within the wedge suggests that traders are closely watching for signs of a decisive move in either direction [1].

The immediate technical formation on the daily chart reinforces the potential for a bullish breakout. The $2.78 support has repeatedly held during recent intraday corrections, creating a price floor that has prevented further declines. Meanwhile, the $2.85 resistance has acted as a ceiling, containing upward moves and maintaining the wedge’s structure. This consolidation follows a 61% rally from mid-2025 levels, indicating that XRP has experienced significant price action in a relatively short timeframe. Analysts are closely monitoring the wedge for signs of a breakout, which could trigger a larger move toward $3.50 and $4, aligning with the broader bullish case for the token [1].

Looking at the broader market context, XRP has formed a multi-year parabolic curve pattern that dates back to 2013. Renowned analyst EGRAG CRYPTO has outlined two potential scenarios: a parabolic rally to the $22–$27 range or a confirmation that the cycle top has already formed. The current price action on the three-hour chart places XRP in a falling wedge with a potential breakout point above $2.90 or a breakdown below $2.70. A successful move above $2.90 could open the path toward $3.50 and $4, while a breakdown below $2.70 may drag the price down to $2.50–$2.60. This dual outcome underscores the market's uncertainty and the need for a decisive move to confirm the trend [2].

Technical indicators also provide insight into XRP’s near-term direction. The On-Balance Volume remains stable, suggesting accumulation rather than distribution. The Chaikin Oscillator is trending upward, indicating improved buying pressure, but the Balance of Power remains negative, suggesting that sellers still hold some control. These metrics highlight the tug-of-war between buyers and sellers, with the outcome likely to be decided by a breakout or breakdown from the wedge formation. A move above $2.90 would signal a stronger bullish bias, while a drop below $2.70 could indicate a bearish correction [2].

In addition to technical factors, XRP is also positioning itself ahead of potential ETF approvals, which could serve as a major catalyst. Murrey Math Lines analysis indicates that the price has settled at a key pivot reverse level, coinciding with a double-bottom pattern and the falling wedge. The initial target for a breakout is the year-to-date high of $3.6512, with a long-term target of $4.29. These levels represent a potential 30% and 55% increase from the current price, respectively. However, a drop below the $2.34 support would invalidate the bullish forecast, signaling a deeper correction [3]. With the XRP ETF deadlines approaching in October and over 88% odds of approval, market participants are closely watching for signs of accumulation ahead of these events [3].

Source:

[1] XRP Set for Major Breakout as Falling Wedge Forms After ... (https://www.bitget.com/news/detail/12560604953095)

[2] XRP Nears Apex of Pattern as Analysts Debate Long-Term ... (https://coinedition.com/xrp-nears-apex-pattern-breakout-analysts-debate-long-term-outlook/)

[3] XRP price Murrey Math Lines indicate surge ahead of ETF ... (https://crypto.news/xrp-price-murrey-math-lines-surge-ahead-etf-approvals/)