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Prominent market analyst EGRAG Crypto suggests an XRP breakout from a multi-month falling wedge could be imminent.
“Tick tock,” he declared in his recent market commentary, suggesting that time is running out for the bears. While this alone does not provide enough context, the accompanying chart confirms the analyst’s intent.
XRP Trades Within Falling Wedge
Notably, data from the daily chart shows XRP has been trading within a falling wedge for several months. For the uninitiated, a falling wedge is a bullish pattern formed when the price declines within narrowing downward-sloping lines. It often indicates that an upward trend may follow.
XRP has been trading within this structure since it collapsed from the seven-year peak of $3.4 earlier this year. Recall that XRP skyrocketed nearly 600% from $0.5 in November 2024 to $3.4 in January 2025. The resistance it faced at $3.4 led to a pullback.
Notably, as XRP has continued to witness lower highs amid this pullback and bearish consolidation, its price has remained within the falling wedge. The asset has made several attempts at breaking upward but faced resistance.
For instance, during a broader market recovery in mid-May, XRP soared to $2.65, effectively breaking above the upper trendline of the wedge. However, when it retested this breakout, the asset fell back into the wedge due to a lack of strength.
XRP Attempting Another Breakout
Now, XRP is attempting to stage another breakout. Due to how close this impending breakout is to the tip of the structure, the analyst believes time is now running out.
As a result, his “tick tock” remark has emerged amid his conviction that XRP could break above the falling wedge soon. Despite this, the analyst is not 100% certain of XRP’s next immediate price movements, so he has presented multiple probabilities.
Data from his chart shows XRP may retest a support box between $1.9 and $2. Nonetheless, such a retest could only allow the asset to grab liquidity at this level, eventually leading to a more explosive recovery. The last time XRP hit $2 was on June 5. What followed was a 10.3% spike over four days.
However, EGRAG also called attention to a more important support level. Notably, this level aligns with the lower trendline of the falling wedge and currently sits at around $1.47. According to EGRAG, a drop below this level could be disastrous for the market.
Chances of a Breakout Continue to Increase
Notably, the longer XRP remains in the falling wedge, the lower the benchmark for a breakout. After a few more days, the asset would need to breach $2.28 to break out of this structure. Should a successful retest occur after a decisive breakout, XRP could be on track for an explosive run.
While EGRAG failed to provide any price targets for such a breakout, he has in the past consistently suggested that XRP could be headed toward the $20 range. Most recently, he predicted a possible rally to $25 if XRP market cap’s W formation led to a valuation of $1.5 trillion.
Currently, XRP changes hands at $2.24, down 2.17% over the past 24 hours after facing resistance at the falling wedge’s upper trendline. The asset currently boasts a market cap of $131.7 billion.