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    XRP Price is about to break the falling wedge

    msmarkBy No Comments3 Mins Read

    XRP has been mostly trading below $0.5 since the second week of June but the new price formation shows that It could change very soon.. According to a cryptocurrency analyst known by the social media pseudonym ZAYK Charts, XRP has formed a wedge pattern over the past few months that could surrender up to 40%. hack from Current price level.

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    XRP is about to breakout

    Likes Most cryptocurrenciesXRP price has been on the decline in the past few weeks. Price data from Coinmarketcap shows that it has fallen by over 9% from its peak of $0.528 in the first week of June. This has left investors wondering whether XRP will continue this price decline into July, potentially taking it below $0.45 again. However, a recent falling wedge pattern suggests the opposite may be the case.

    A falling wedge forms when price action makes lower highs and lower lows, with contracting lines converging. This creates a wedge-like shape on the chart. The slope is downward but not as steep as it was at the beginning of the pattern.

    According to the XRP price chart shared by ZAYK on social media, the cryptocurrency is currently in a falling wedge formation on the 12-hour time frame. ZAYK believes that a break above the wedge could see the altcoin rise about 40% from current levels to around $0.65.

    XRP’s market cap is currently $26.2 billion. Table: TradingView

    Cryptocurrency Analysts Agree: Is XRP Ready to Take Off?

    Interestingly, ZAYK’s predictions for XRP are in line with a similar analysis by Captain Faibik, another well-known cryptocurrency analyst. The analysis depends on On the daily time frame of the candle, which also shows a similar wedge formation. According to analysts’ forecasts, if the cryptocurrency manages to break through the upper resistance of the wedge, we may see a massive price rise of 40% to $0.69 in August.

    While the breakout predicted by ZAYK and Faibik holds huge upside potential, it pales in comparison to the bullish predictions of EGRAG. The analyst, known for his bullish stance on XRP, believes that it is still on track to reach the $6.4 target.

    As described by EGRAG Latest XRP analysisThe recent price pullback is just a natural consolidation, and the monthly time frame candlestick formation still closes above the 0.236 Fib. A successful reversal will push the coin to the 0.5 Fib retracement level at $0.75 before taking off to the 1.618 Fib level at $6.4.

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    At the time of writing, XRP is trading at $0.474, which is still far from EGRAG’s target price. In fact, we could see the altcoin rise by over 40% in July if it replicates its previous July performance over the past four years.

    Featured image from Pexels, chart from TradingView

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