- XRP has broken out of a descending triangle on the 3-day chart, suggesting a bullish reversal.
- MACD shows a bullish crossover while RSI nears overbought, supporting short-term momentum.
- Price targets range from $3.50 to $5, with a bearish invalidation zone below $2.
XRP is showing strong bullish signals as it decisively breaks out of a falling wedge pattern on the 3-day chart against USDT. This bullish pattern is characterized by converging trendlines where the XRP price was making lower highs and lower lows. Such a breakout typically indicates a potential reversal of the prior downtrend and has captured significant market attention.
According to CoinMarketCap data, the trading volume of the XRP token soared 135% to $10.72 billion as prices shot up 5.63% in the past 24 hours with the altcoin hitting a daily high of $2.64. At the time of writing, XRP trades at $2.55.
The recent surge in buying pressure, marked by a significant green candlestick on the charts, confirms the breakout from the falling wedge.
XRP Forms Bullish Falling Wedge; Analyst Captain Faibik Spots Upside
The falling wedge was first identified and reported by Captain Faibik, a prominent crypto analyst, via social media platform X.
A common method to estimate the upside potential after a falling wedge breakout is to measure the height of the wedge’s base and project it upwards from the breakout point. Applying this technical approach to the XRP chart suggests a price target in the $3.5 – $5 range.
Related: What Will Drive XRP Price to $3.29? Accumulation Strong, Say Analysts
The 3-day timeframe for this pattern adds weight to this development. It suggests that the falling wedge formed over a considerable period. This implies that if the breakout sustains, the resulting upward movement for XRP price could be substantial.
XRP Technicals Also Remain Bullish, Supporting Further Gains
As per the daily chart below, the XRP price is above the 0.618 Fib level at $2.36, often regarded as the “golden pocket,” indicating sustained bullish momentum. The next resistance lies near the previous high around $2.85, with stronger resistance at the $3.26 region—the top of the current Fib range.
Notably, the RSI is at 67.82, closing in on overbought territory but not yet signaling exhaustion. This implies there could still be upside potential before a major correction is due.
Related: XRP (XRP) Price Prediction for May 14
On the other hand, the MACD shows a bullish crossover, with the blue MACD line trending above the signal line and growing histogram bars. This reinforces the current momentum behind the breakout. These XRP technical analysis: Fibonacci golden pocket, RSI, MACD all point to upside indicators are key.
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