- XRP confirms a falling wedge breakout with strong support near $2, signaling bullish momentum toward the $5 level.
- Consolidation between January and May ends as XRP breaks descending resistance, showing strength and increased midterm accumulation.
- Volume uptick and sustained support above $1.80 reinforce XRP’s breakout as bulls aim for a midterm target of $5.
XRP appears poised for a major rally as bulls take control following a confirmed falling wedge breakout. The XRP/USDT pair on Binance now trades at $2.5408, showing strong signs of midterm strength. Despite a slight 0.12% dip, bullish momentum remains intact. A technical breakout from a six-month descending triangle supports this bullish outlook. The pattern spans from December 2022 to May 2023, with XRP holding strong above the $1.80 support.
Source: Captan Faibik
The pattern formed after XRP’s explosive rally in November. That move pushed prices from $1.30 to over $2.50 in under two months. XRP hit a local top near $3.20 in January 2023, forming the triangle’s upper boundary. Since then, the price began consolidating under a downward resistance line. This consolidation phase dragged through early 2023 but never broke below the $1.80 level.
Descending Triangle Breakout Signals Strong Momentum
From January to May, XRP price action formed a classic descending triangle. Lower highs created a sloping resistance, while support held firm. Several retests of both support and resistance occurred during this consolidation. February and March were mostly bearish, filled with red candles pushing XRP closer to the support zone.
However, April introduced a shift. XRP bounced off support and began tightening near the triangle’s apex. This area often signals an upcoming breakout. Green candles started forming in late April, suggesting building pressure for a breakout. The final breakout came in early May, with a green candle punching through resistance.
Midterm Outlook and Volume Confirmation
The breakout gains more strength as volume shows a modest uptick. Though not prominently featured, increased trading activity confirms bullish interest. Additionally, the formation of a large gray upward arrow in the chart points toward a $5 projection. This visual cue aligns with analyst expectations of a midterm move toward that price.
Moreover, XRP’s resilience around $2.00 adds more weight to this bullish case. Holding this level through repeated retests shows strong market support. Hence, XRP is in a favorable technical position. Bulls now control the momentum, and the road to $5 appears achievable.
