Ripple (XRP) is approaching a key resistance level that could trigger a significant upward move if it is surpassed. Technical analysts are closely watching the price action as XRP attempts to break the upper resistance level. If successful, XRP might head towards a price of $4.13, a significant target for bulls.
Technical Indicators Show Potential for Breakout
XRP’s current chart formation is showing signs of a potential breakout. A descending triangle pattern is forming, which typically leads to an expansion of price movements once the apex is reached.
According to experts, if XRP manages to break the red upper resistance line, it could trigger an impulsive move towards $4.13. This move would mark a significant shift in price momentum, signaling a potential bullish trend.
Analysts caution that if XRP faces rejection at these levels, it could see a reversal towards lower support levels. A close below $2.70 could lead to a significant sell‑off, with a possible drop to the $2.00 support zone. This highlights the uncertainty in the market, as traders await a clear directional move.
Whale Activity Fuels Market Speculation and XRP Price Movement
This could mark the beginning of a larger trend, potentially driving XRP higher. The buying activity from whales often signals a strong belief in the token’s future. This surge in demand could be an early indication of bigger moves in XRP's price action.
Recently, large whale activity has caught the attention of traders. According to Ali_charts, 250 million XRP were purchased by whales in just 48 hours. This large demand has raised speculations about an impulsive price movement.
As of the time of writing, XRP is trading at $2.99, with a 24‑hour trading volume of over $5.5 billion. The cryptocurrency has seen a 1.42 % price increase over the last 24 hours. With strong support from technical patterns and whale interest, XRP could be gearing up for a breakout.
Falling Wedge Formation in Macro Uptrend
Moreover, the key resistance levels at $2.95 and $3.05 will play a critical role in determining XRP's short‑term direction. More Crypto Online reported that XRP remains in a macro uptrend despite a pullback in July.
The analyst highlighted that the $2.65 level has held firm and called the pullback a mid‑cycle pause. XRP is forming a falling wedge, a pattern often associated with downward moves, with key resistance sitting at 3.40.
Analyst noted that the breakout could unlock prices above $5 in this cycle, indicating potential for further price appreciation. Investors are closely watching for signs of a potential breakout or rejection, which could set the tone for the price trajectory in the coming weeks.