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XRP is approaching the end of a multi-month falling wedge pattern. The potential reclamation of $2 has emerged as a key turning point that will determine a rebound or further decline.
According to crypto media outlet TheCryptoBasic 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 falling wedge pattern that has continued since last November. He stated that he sees 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, on the weekly chart, the falling wedge structure is narrowing. XRP formed the lower trendline of this structure around $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 high of $3.66, XRP has repeatedly made lower highs and lower lows. However, the gap between the upper resistance line and the lower support line has gradually narrowed. TheCryptoBasic stated that as price movements become more compressed, buyers and sellers find a balance, which can then be followed by a strong breakout.
Last week, XRP tested the lower trendline of the falling wedge. Buying pressure defended this support level, and with a strong start in early July, it rebounded 6% from its low to $1.06. Crypto Michael believes that XRP could soon break out towards the $1.90 to $2.10 range. This represents a potential rebound of 79% to 98% from current levels.
The $1.90 to $2.10 range has been an important price zone in the past. XRP rose to around $1.96 during the 2021 bull run, broke above $2 in November 2024, and then surged to $3.39 in January 2025. After consolidating its base again at the $2 support zone, it headed towards its all-time high. TheCryptoBasic 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 have increased to 6,000 per day, reaching a three-month high. Active addresses also increased by 36% over two weeks. The spread of whales to retail investors across all exchanges rose by 24.9%. This is interpreted as a signal that whales are moving XRP out of exchanges faster than retail investors.
[Article Key Summary]
-XRP's price compression is intensifying within a multi-month falling wedge pattern.
-Crypto Michael analyzed that XRP could break out towards the $1.90 to $2.10 range.
-New active addresses on the XRP Ledger increased to 6,000 per day, and active addresses increased 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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