XRP (XRP) is forming a strong trend pattern similar to the 70% surge it recorded earlier this year. Particularly, market attention is focused as projections suggest that XRP prices could rise by over 20% from the current technical support line in August.
Currently, XRP is showing a chart similar to the 'falling wedge' pattern formed between last December and this January. This pattern is notable as prices were adjusted around the 50-day EMA at the time before reversing upward, ultimately surging over 70% in a short period from around $2 to $3.39.
Market analysts believe that if a similar structure unfolds, XRP could potentially rise over 20%, targeting $3.75 in August. Particularly, the steady growth of the XRP Ledger (XRPL) and increased stablecoin activity are acting as key drivers supporting the upward trend.
While it is difficult to precisely predict the highly volatile cryptocurrency market through technical analysis alone, the recurring pattern, on-chain indicators, and ecosystem activities all lend weight to XRP's potential rise. However, it should be noted that additional conditions such as increased trading volume and breaking through major resistance lines must be met for a short-term rebound to be realized.
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