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XRP has approached the end of a multi-month descending wedge pattern. Whether it reclaims $2 has emerged as a key turning point that will determine a rebound or further decline.
According to crypto media outlet The Crypto Basic on July 3 (local time), market analyst Crypto Michael analyzed in an X (formerly Twitter) post on July 1 that XRP is preparing to break out of the descending wedge pattern that has continued since November last year. He stated that he views the recent price weakness as a buying opportunity and is accumulating XRP.
XRP has fallen more than 70% from its all-time high of $3.66 in July 2025. However, the descending wedge structure is narrowing on the weekly chart. XRP formed the lower trendline of this structure near $2.10 during the bull run in November 2024. After several months of correction, the formation of the upper trendline began in earnest from July 2025.
Since its peak of $3.66, XRP has repeatedly formed lower highs and lower lows. However, the gap between the upper resistance line and the lower support line has progressively narrowed. The Crypto Basic reported that as price movements compress in this way, buyers and sellers find equilibrium, which can subsequently lead to a strong breakout.
Last week, XRP tested the lower trendline of the descending wedge. Buying pressure defended this support, and with a strong start in early July, it rebounded 6% from its low to reach $1.06. Crypto Michael believes XRP could soon break out towards the $1.90 to $2.10 range. This implies a potential rebound of 79% to 98% from current levels.
The $1.90 to $2.10 range has been a significant price level in the past. XRP rose to around $1.96 during the 2021 bull market, broke above $2 in November 2024, and then surged to $3.39 in January 2025. After consolidating its base in the $2 support zone again, it headed towards its all-time high. The Crypto Basic stated that if XRP recovers this range and maintains the trend, it could move towards higher price levels.
On-chain activity also supports breakout expectations. New active addresses on the XRP Ledger increased to 6,000 per day, marking a three-month high. Active addresses also rose by 36% over two weeks. The whale-to-retail investor spread across all exchanges increased by 24.9%. This is interpreted as a signal that whales are moving XRP off exchanges faster than retail investors.
[Article Key Summary]
-XRP is experiencing intensifying price compression within a multi-month descending wedge pattern.
-Crypto Michael analyzed that XRP could break out into the $1.90 to $2.10 range.
-New active addresses on the XRP Ledger increased to 6,000 per day, and active addresses rose by 36% over two weeks.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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