Prominent cryptocurrency analyst CryptoBull (@CryptoBull2020) recently shared a technical analysis of XRP’s price action on X (formerly Twitter), highlighting a falling wedge pattern on the one-hour chart.
In his tweet, he stated , “Beautiful falling wedge on the 1-hour chart. Expecting #XRP to hit around $2.20. Then next push up.”
Beautiful falling wedge on the 1-hour chart. Expecting #XRP to hit around $2.20. Then next push up 🚀 pic.twitter.com/nTXBpgGK6K
— CryptoBull (@CryptoBull2020) February 5, 2025
The captioned chart illustrates a classic falling wedge formation, a pattern that is generally considered bullish. This pattern typically signals a potential reversal or continuation to the upside, provided the asset breaks out above the descending resistance line with strong volume.
Currently, XRP is trading at approximately $2.39, experiencing a decline of over 5% in the last session. CryptoBull’s forecast suggests a possible dip toward $2.20 before the next upward movement.
Technical Breakdown of XRP’s Price Action
The one-hour chart presented by CryptoBull shows XRP consolidating within a narrowing wedge, characterized by lower highs and lower lows. This structure often indicates that selling pressure is gradually decreasing, which can result in a breakout to the upside once buyers regain control. The current price movement suggests XRP is testing key support levels, with a potential further decline before a bullish reversal.
A critical element to watch is the lower boundary of the wedge. a breakout could occur, if XRP holds support around $2.20 and experiences increased buying momentum.
However, a failure to maintain support at this level could lead to further declines. Traders monitor such formations closely, as they provide insight into market sentiment and potential entry points.
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Market Sentiment and External Factors
The discussion around XRP’s price movement extends beyond technical analysis. A response to CryptoBull’s tweet by an X user, Luke, highlighted concerns about broader market conditions, stating, “We will see extreme bearish price action until the lawsuit is over. We got a nice Trump pump, but we will trend down until adoption.”
This comment reflects an ongoing debate among traders regarding the impact of regulatory developments on XRP’s price trajectory . XRP has long been influenced by its legal battle with the U.S. Securities and Exchange Commission (SEC), with investors closely watching for any updates that could affect market confidence.
Additionally, the reference to a “Trump pump” acknowledges the recent positive price action in response to political developments. Speculation regarding the new administration’s stance on cryptocurrency regulations has contributed to short-term price fluctuations. However, whether this momentum can be sustained depends on market fundamentals and institutional interest.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
