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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

XRP Price On The Verge Of Breaking Falling Wedge That Could Lead To 4% Increase

Scott Matherson
Scott Matherson
1 year ago
3 mins read
XRP

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XRP has mostly traded below $0.5 since the second week of June but a new price formation shows this could change very soon. According to a crypto analyst known pseudonymously on social media as ZAYK Charts, XRP has been forming a wedge pattern over the past few months that could succumb to a 40% breakout from the current price level.

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XRP On The Verge Of Breaking Out

Like most cryptocurrencies, the price of XRP has declined in the past few weeks. Price data from Coinmarketcap shows it has declined by over 9% from its peak of $0.528 in the first week of June. This has left investors wondering if XRP will extend this price decline in July, which could see it fall below $0.45 again. However, a recent falling wedge pattern suggests the reverse could be the case. 

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

According to an XRP price chart shared on social media by ZAYK, the cryptocurrency is currently on a falling wedge formation in the 12-hour timeframe. ZAYK believes a breakout above the wedge could send the altcoin surging around 40% from current levels to around $0.65.

$XRP Falling Wedge Formation in 12H timeframe✅

When a breakout happens, we anticipate 30-40% Bullish wave📈#XRP #XRPUSDT #Ripple #Crypto pic.twitter.com/aNnRacGFv4

— ZAYK Charts (@ZAYKCharts) June 28, 2024

XRP market cap currently at $26.2 billion. Chart: TradingView

Crypto Analysts Align: XRP Poised For Breakout?

Interestingly, ZAYK’s XRP outlook aligns with a similar analysis by Captain Faibik, another popular crypto analyst. Faibik’s analysis is based on the daily candle timeframe, which also shows a similar wedge formation. According to the analyst predictions, if the crypto manages to break through the upper resistance of the wedge, we could see a massive 40% price surge to $0.69 in August. 

While the breakout predicted by ZAYK and Faibik carries immense potential upside, they pale in comparison to EGRAG’s bullish outlook. This analyst, known for his bullish stance on XRP, believes it is still on track to reach a target of $6.4.

As demonstrated by EGRAG’s latest XRP analysis, the recent price downturn is simply a natural consolidation, and the monthly time frame candle formation is still closing above Fib 0.236. A successful flip would see the coin push to the Fib 0.5 retracement at $0.75 before jetting off to the Fib 1.618 at $6.4.

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XRP Year-Long Curse Broken? Analyst Bullish On Crypto’s 240% Rally

1 year ago

At the time of writing, XRP is trading at $0.474, which is still a long way from EGRAG’s price target. In actuality, we might witness the altcoin rising above 40% in July if it were to repeat its previous July performance for the past four years.

Featured image from Pexels, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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