XRPunkie (@Shawnmark7899), a well-followed crypto analyst on X, has drawn attention to a potentially significant technical development in XRP’s price action.
Sharing a weekly chart of XRP, the analyst notes that the asset has been moving sideways for approximately 160 days within a well-defined falling wedge pattern—a formation often associated with trend reversals or breakout moves in technical analysis.
As of the latest weekly candle, XRP is testing the upper boundary of this wedge pattern near the $2.55 level. XRPunkie highlighted this by stating, “Let’s see if XRP can get a weekly candle close outside the falling wedge this week.” Such a close could confirm a bullish breakout and signal the end of the corrective structure labeled as A-B-C on the chart.
After ranging sideways for 160 days, let's see if #XRP can get a weekly candle close outside of the falling wedge this week. RSI also crossing. XRP is screaming BULLISH! $8-$13 next. 🚀🚀📈📈 pic.twitter.com/Ch38OxCqpZ
— XRPunkie (@Shawnmark7899) May 15, 2025
Breakout Structure and RSI Confirmation
The chart shows the completion of a three-wave corrective structure, with wave C marking the recent low around the $1.60 level. From there, XRP has rebounded steadily, forming higher lows and testing resistance. The falling wedge, marked by descending trendlines, encapsulates this multi-month consolidation.
Equally notable is the RSI (Relative Strength Index) shown on the chart. The RSI has recently broken out of its downtrend and is crossing above the midline—a move often viewed by technical analysts as confirmation of bullish momentum. XRPunkie drew attention to this RSI crossover, adding to his bullish expectations for the asset.
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Price Targets and Market Sentiment
The analyst expressed a clear bullish outlook, stating that “XRP is screaming BULLISH!” and referenced a potential target range between $8 and $13. Another analyst set the same target in April, and XRPunkie’s analysis suggests that the asset is now building toward it.
XRP’s current move comes amid a crypto resurgence. This rise began on May 8 when Donald Trump announced a new trade deal between the U.S. and the U.K. The excitement in global financial markets for more deals has helped the market recover from months of consolidation.
It is important to note that while falling wedges are typically bullish when occurring after a downtrend, confirmation via weekly candle closure is essential. XRP is currently trading at $2.38, just below the $2.55 level it needs to surpass.
Previous attempts to break above this resistance have failed, leading to further downside. A sustained close above the wedge, particularly if accompanied by increasing volume, would strengthen the case for a longer-term bullish reversal.
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.
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