XRP Primed for Explosive Breakout as Falling Wedge Nears Crucial Support Level

XRP is nearing a potential breakout from its multi-month falling wedge formation, which could lead to an over two times rally. Market analyst Crypto Michael has been tracking this trend and believes XRP will break free from its current price action to retest prior highs.

The falling wedge pattern has been in place since November 2024, with XRP establishing the structure's support trendline around $2.10. Since then, the coin has consistently formed lower highs and lower lows, indicating a buildup of momentum as buyers and sellers find a balance.

A strong start to July saw XRP bounce from its lower trendline support, up 6% from the lows to $1.06. Michael expects a breakout soon towards the $1.90 to $2.10 price region, which is a crucial support level for XRP. During the 2021 bull run, XRP peaked at this price level, and breaking above it could open the path for a moonshot to much higher prices.