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XRP Army Alert: Ripple’s Wedge Pattern Hints at a Major Move Ahead

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XRP is trading in a tight range after a recent pullback, while traders wait to see which direction the next breakout may take.

At the time of writing, the token is priced at $2.53, up 2% in the past 24 hours, though still down 12% over the past week, based on CoinGecko data.

Pattern Suggests Two Possible Scenarios

Crypto analyst EGRAG CRYPTO terävä to a descending broadening wedge on the chart. Based on this structure, there is a 57% chance of a break to the upside and a 43% chance of a move lower.

XRP price chart
Source: EGRAG CRYPTO/X

If the lower outcome plays out, EGRAG mentioned a possible retest of the $0.50 area, based on measured move projections. On the other side, a successful breakout to the upside could take the price toward the $9 region.

They also referenced earlier trades where some sold around $2.70 to $2.80, and XRP is now sitting near $2.50 to $2.60. EGRAG noted,

“If you want to sell now, go ahead, no hard feelings… Just don’t come back to me later saying you wish you had sold.”

Long-Term Structure Still Holds

Analyst ChartingGuy shared a monthly chart showing that XRP is still trading above the $1.61 support. This level lines up with the 0.786 Fibonacci retracement and a former resistance zone from 2021. While Ripple’s token recently failed to hold above $3.31, the 0.886 Fibonacci level, it continues to print higher lows.

Notably, the same chart shows potential future levels near $3.31, $8, $13, and $27, based on standard Fibonacci extensions. These levels may act as price targets if XRP holds its current structure. Referring to the larger time frame view, ChartingGuy said,

Whale Activity Linked to October Drop

Kuten raportoitu by CryptoPotato, large wallets began moving XRP to Binance in the first half of October. This followed a quiet period in September. The timing of these transfers matched a 20% drop in price, adding pressure during the decline.

Meanwhile, open interest across XRP futures fell sharply from $9 billion to around $4.17 billion. This move came as broader crypto markets saw forced selling and deleveraging across several major tokens.

Partnership Announcement Supports Sentiment

Ripple confirmed a new partnership with Immunefi, launching a security testing program for the XRP Ledger. The test includes a $200,000 bug bounty, set to run from October 27 to November 24.

This announcement came as XRP slid through key levels, offering a short-term lift in sentiment. Traders are now watching price levels closely as the wedge pattern nears a potential breakout point.

Virka XRP Army Alert: Ripple’s Wedge Pattern Hints at a Major Move Ahead ilmestyi ensin osoitteessa CryptoPotato.

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