XRP Price Chart Displays Bullish Signals and Potential Breakout

The crypto market continues to show signs of life, with many altcoins experiencing price pumps and analysts remaining bullish on their prospects. One such altcoin is Ripple's XRP, which has formed an Elliott Wave on its weekly price chart. This formation is a potential indicator of a bull divergence, where the price and momentum indicators diverge in a way that suggests a new uptrend may be forming.

According to analysts, XRP spent 6 years in a high-timeframe symmetrical triangle, before bursting out in late 2024 in a clear impulsive 5-wave pattern. Since then, it has been in a 3-wave expanded flat correction, which is believed to be nearing its end. This could set the stage for another 5-wave impulsive move up, potentially leading to new ATH targets of $6 or even $10.

In addition to the Elliott Wave formation, another analyst has highlighted a potential bullish divergence with a falling wedge pattern. If the falling wedge breaks with volume, it could lead to an updated green box formation, which would be a strong buy signal for XRP.