XRP Bulls Challenge $2.20 Resistance; Analyst’s $6 Target Now in Sight

• XRP’s Ascending Broadening Wedge hints at a potential surge toward the $17.50 mark
• On-chain metrics show a 67.5% spike in activity, suggesting quiet accumulation
• Resistance at $2.12–$2.16 and support at $2.00 are critical for the next breakout move

XRP finds itself at a critical juncture, according to top market analysts studying its chart, with a strong technical formation suggesting a price move could be ahead. As of press time, XRP trades at $2.20 with a market cap exceeding $125 billion and a 24-hour volume of over $4.8 billion. 

Despite a modest 2.5% price increase in the last day, traders and investors are watching the asset closely. XRP has formed a prominent Ascending Broadening Wedge pattern, and the coming weeks may determine whether this leads to a powerful breakout or a sharp pullback.

Analyst Eyes $17 Target from Wedge Breakout

Analyst EGRAG CRYPTO highlights this wedge: support near $1.90, resistance between $5.00-$6.00. 

A decisive close above that $5-$6 resistance could open the door for a bullish run, EGRAG suggests. His projected measured move targets roughly $17.50 (potential 8x gain).

However, the path upward is not without risk. A failure to maintain support above $1.90 could trigger a sharp correction, potentially dragging the price toward the $0.65 region. Consequently, investors must watch key pivot levels $1.90, $3.50, $5.10, and $6.00 which could shape the next major trend.

On-Chain Activity Shows Rising Interest

Adding weight to the bullish outlook, analyst Ali Martinez reports a 67.5% spike in XRP network activity between April 19 and April 20. The number of active addresses rose from 27,352 to 40,366. This increase in participation reflects growing interest, even though the price moved slightly from $2.09 to $2.08 during that period.

Such a disconnect often suggests that buyers are quietly accumulating before a move. Hence, if elevated activity persists, price action could soon follow.

Related: XRP Bullish Setup Meets Bearish On-Chain Signal: What Gives?

Immediate Resistance Still Capping Price

Despite rising fundamentals, XRP remains boxed within key technical boundaries. Resistance near $2.12 to $2.16 remains intact, with the 100-day Exponential Moving Average reinforcing this zone. 

Related: XRP Spot Volume Drops 25%, Options Open Interest Plunges 53%: What’s Happening?
Any breakout beyond this could validate the bullish wedge pattern. Additionally, XRP is finding steady support at $2.00 a level that continues to attract buyer interest.