XRP Consolidates Near $2 Support as Bullish Wedge Pattern Takes Shape

⬤ XRP continues hovering near a multi-month horizontal support zone just below the $2 mark, with price action carving out what traders call a descending broadening wedge. This pattern shows the asset moving within an expanding downward-sloping channel, and it’s often seen as a setup for an eventual upside breakout. The chart reveals XRP repeatedly testing the same support level that acted as a reaction point earlier in the year, with unfilled wicks from April and October near this same zone—suggesting the price has come full circle to revisit key levels.

⬤ According to analyst ChartNerd, the current consolidation resembles “a coiled spring” ready to release upward energy. A quick liquidity sweep below the support wouldn’t be shocking before any real bounce kicks in. The visual analysis points to a possible scenario: a brief dip under support to grab liquidity, followed by a rebound and an eventual breakout above the wedge structure.

⬤ The outlook hinges on whether this support area holds firm and if XRP can punch through the top of the wedge. There’s no clear timeline for when this might happen, and sentiment remains cautious as the pattern continues developing. Still, extended consolidation at major support zones like this has historically preceded stronger directional moves for large-cap digital assets like XRP. A confirmed breakout could lift sentiment across the broader altcoin market, while a breakdown below support would undermine the bullish reversal thesis.