Like Ethereum XRP Breaks Out Flaunting 16.5% Rally

November 23, 2023 Brazen Crypto Team Ethereum 0

XRP Price Prediction shines a light on the formation of a falling wedge pattern, pointing at a move to $0.71 and the subsequent move above $1.

Published 2 hours ago

XRP Price Prediction: Ethereum defied the sell-off in the market this week amid the saga of Binance’s CEO Changpeng Zhao’s resignation from the company he founded in 2017 amid charges by the US Department of Justice (DoJ) and other agencies for violating US anti-money laundering (AML) regulations. The leading cross-border money remittance token XRP rolled back to support at $0.6 before rebounding to the current market value of $0.6114.

XRP Price Prediction: Traders Eager For Falling Wedge Breakout

XRP is getting ready to move but resistance at $0.62 is standing in the way. The formation of a falling wedge pattern as seen on the four-hour chart, hints at a 16.5% breakout to $0.71.

A falling wedge pattern allows for consolidation to take place as bulls collect liquidity ahead of the next breakout. The breakout is not expected until XRP price climbs above the upper descending trendline. It would be accompanied by a spike in trading volume as traders take positions to capitalize on the breakout.

Like triangle patterns falling and rising wedges present precise breakout targets equal to the distance between the widest points.

XRP price prediction four-hour chart
XRP price prediction four-hour chart | Tradingview

Based on the prevailing technical outlook, XRP could start the breakout in the coming sessions. Other bullish cues range from the Moving Average Convergence Divergence (MACD) indicator, which has recently sent a buy signal, and the support provided by the 200-day Exponential Moving Average (EMA) (purple).

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A recent technical update by crypto trader @CryptoBusy concurred with the bullish thesis saying that “XRP perfectly bounced off a key level of support and is now breaking out of this trendline resistance.”

The outlook of the MACD on the daily chart is still bearish. However, there is a growing possibility that bulls would take the reins and push for the continuation of the uptrend.

One way to confirm the uptrend is to look out for the next buy signal. This would manifest with the blue MACD line crossing above the red signal line.

XRP price prediction chart
XRP price prediction chart: Tradingview

Traders like @DefendDark with over 99k followers on X believe XRP price is in a position to extend the up leg to the region between $0.8888 and $1.0507.

The trader expects XRP price “to hit $0.88 between 30 Nov & 1 Dec.” However, it remains to be seen if the token will defeat the seller congestion at $0.62. A break above this level would trigger the wedge pattern to move to $0.71 and subsequently help close the gap to $1.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.