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Analyst Says XRP Entering Grinding Stage Within Falling Wedge Pattern, Targets $4 Upon Breakout
April 10, 2025
XRP
A prominent analyst says XRP is shifting from the boredom phase to the grinding stage within its daily falling wedge pattern. The market strategist disclosed this in his latest commentary, identifying a falling wedge formation on the daily XRP chart which points to a potential bullish reversal. In his latest analysis, EGRAG noted the transition from what he previously labeled the “boredom phase” into what he now calls the “grinding phase.” Notably, this grinding phase features extended consolidation and repeated tests of lower support levels within the wedge pattern.
XRP Falling Wedge
The falling wedge identified by EGRAG began forming in mid-January 2025, shortly after XRP retraced from its seven-year high of $3.40. This correction laid the foundation for the current pattern, which has persisted for about three months. The chart structure features two descending yellow trendlines: the upper line serves as the resistance level, while the lower line acts as critical support. Currently, this support lies near the $1.40 mark, a price level XRP has not yet breached during its correction. At present, XRP trades around $1.99, locked in a struggle to reclaim and sustain the psychologically significant $2 threshold. Despite this battle, EGRAG believes the token remains within the boundaries of the falling wedge and could continue to experience bearish pressure for the next few months.
XRP Falling Wedge | EGRAG Crypto
His projections suggest that XRP might revisit the lower yellow trendline support multiple times during this consolidation period. However, he believes the altcoin will repeatedly respect this support, eventually leading to an upward breakout. Notably, he emphasized the importance of maintaining the structural integrity of the wedge. According to him, if XRP loses the yellow trendline support, this will severely compromise the bullish thesis, suggesting a breakdown could significantly derail the outlook. However, he remains optimistic that XRP will continue respecting this level and ultimately complete the wedge formation.
XRP Paths Point to $4 Upon Breakout
EGRAG outlines two potential paths for XRP within the wedge. One path, highlighted in yellow on the chart, suggests a prolonged consolidation phase before an eventual upward breakout. Meanwhile, the other, in blue, indicates a steeper but shorter-term descent that could expedite the breakout process. Despite the differences in trajectory, both paths converge toward the same bullish outcome: a breakout that propels XRP to a price target of $4. According to EGRAG’s projections, the breakout may not occur immediately. The current grinding phase could stretch across several more months, especially if XRP follows the yellow path. This would mean an extended period of subdued price action and oscillation below the $2 mark. However, should the blue trajectory play out, the breakout could come a month sooner, allowing XRP to reach the $4 target more quickly. With XRP currently trading for $1.99, the asset is down 2.8% this morning. This comes after an impressive 14.2% intraday spike yesterday.
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