A falling wedge pattern has emerged in the market XRP price chartfueling speculation of a bullish reversal towards up-to-date highs. According to a cryptocurrency analyst, XRP could hit three potential up-to-date price targets if it manages to break the falling wedge, with the highest target being $2.8.

The falling wedge pushes the price of XRP to $2.8

The price of XRP remains stable mighty upward trend last month, jumping from $0.50 to over $2 in just one month. Recognizing these impressive results, a cryptocurrency analyst at TradingView known as “MBM_Crypto” stated revealed what is the price of XRP has regressed and is currently “cooling” in a falling wedge pattern after a massive upward move.

AND Falling wedge is a technical chart pattern that indicates a potential upward price reversal. Typically seen as a bullish signal, this pattern often appears during a downtrend, characterized by two converging trend lines sloping downwards.

The TradingView analyst shared a chart showing the details XRP price action over a 2-hour time frame, highlighting the presence of a falling wedge pattern. The chart highlighted key areas where XRP is likely to face selling pressure, resistance, and indication optimal level of purchases for investors.

The analyst suggests that buying XRP once its price exceeds $2.51 could be a strategic move, pointing out: potential for a bullish breakout after the end of the current consolidation phase. He further shared key profit-taking targets with investors, suggesting that XRP is on track to potentially achieve three bullish price milestones if successfully is breaking out of the falling wedge pattern.

The first target for XRP is $2.60, followed by a second projected jump to $2.70, while the third and highest target is $2.80. For the XRP price to reach these key levels, the TradingView analyst suggested that it would need to break the blue resistance zone at $2.42, thus confirming the cryptocurrency’s potential bullish continuation.

While the analyst is confident in his positive price forecast, he also admitted that there is the possibility of a ephemeral pullback to $2.15 or even $1.96. Following this price correctioncryptocurrency expert believes that XRP may finally break out of its falling wedge and take off.

Analyst Says XRP Is ‘Very Bullish’

Despite trading at USD 2.4 after a slight decline in recent weeks, analysts remain very positive XRP future price outlook. Murky Defender, a prominent cryptocurrency analyst at X (formerly Twitter), did just that decided that the price of XRP is “very bullish” this cycle.

Analyst noticed that XRP is one step away from finalization ABC corrective wave pattern on the daily time horizon, signaling a potential reversal and the beginning of an uptrend. This pattern will be confirmed once XRP breaks above $2.52.

Murky Defender predicts that the XRP price could break above this level within 24 hours, launching a path to a $5.85 target before potentially skyrocketing to $18.22.

Featured image created with Dall.E, chart from Tradingview.com