Cryptocurrency XRP is currently capturing the attention of traders and analysts as it consolidates within a significant wedge pattern, potentially setting the stage for a substantial price movement in the coming weeks.
Gordon, a well-known crypto millionaire who shares analysis on social platform X, recently highlighted this technical formation, suggesting that XRP could experience a dramatic rally once it breaks out of its current pattern. The asset, currently trading at approximately $2.10, has been forming this wedge since reaching its multi-year high of $3.39 in January 2025 .
Technical Analysis Points to Bullish Momentum
The daily chart shows XRP pressing into an increasingly narrow zone, with buyers defending a horizontal support level while a series of lower highs compresses the price toward an apex. This classic wedge formation has been developing over several months, with the price respecting both resistance and support lines consistently .
“I study the charts with an unbiased perspective,” Gordon stated in response to followers who noted his previous skepticism toward XRP. His analysis highlights a clear downward-sloping trendline intersecting with a support band, suggesting the asset may be preparing for a significant move.
Multiple analysts have identified similar patterns. EGRAG CRYPTO, another prominent analyst in the space, recently identified $2.30 as a crucial level to watch, suggesting that surpassing this threshold could confirm bullish momentum and help XRP break above the falling wedge pattern .
From Skeptic to Believer: XRP’s Utility Changing Minds
Interestingly, Gordon’s perspective on XRP has evolved after learning about its potential to revolutionize cross-border payments. The digital asset offers an alternative to the traditional SWIFT system, enabling near-instant international transactions with significantly lower fees.
This utility has positioned XRP as a potential infrastructure layer for global remittances and institutional payments, attracting attention from traders who see long-term value beyond short-term price movements.
What Traders Are Watching
As XRP trades closer to the wedge’s apex, market participants are closely monitoring several key indicators:
• Volume spikes that might signal increased interest
• Candle formations that could indicate trend changes
• Strength of support or resistance breaches
• Key price levels, particularly around $2.30 and the psychological $2.50 barrier
Technical indicators suggest that if XRP breaks above the $2.50-$2.60 range, it could potentially run to $3.00-$3.40, retesting January’s highs . Some analysts have even projected more ambitious targets, with predictions ranging from $3.20 to $3.50 based on various chart patterns .
The Bigger Picture for XRP
While short-term price action captures immediate attention, the broader context for XRP involves its increasing adoption in financial systems. The asset’s ability to facilitate fast, low-cost cross-border transactions continues to be its fundamental value proposition.
As June unfolds, XRP finds itself at a critical juncture. The formation of a potential double bottom pattern on longer timeframes has also drawn attention, with support at $2.07 remaining intact and forming a solid base for potential upward momentum .
Whether XRP will break out in the immediate future remains to be seen, but the convergence of technical patterns and growing institutional interest suggests that significant price movement may be on the horizon.
