XRP (XRP) Breaks Falling Wedge, Starts an Explosive Push toward a New All-time High

Analyst CryptoWZRD says XRP is starting an explosive push toward a new all-time high as long as Bitcoin does not “spoil the fun.”

Analyst CryptoWZRD is bullish on XRP’s prospects, predicting that the token is beginning an explosive push toward a new all-time high. However, he cautions that Bitcoin's movements could "spoil the fun."

This analysis comes amidst broader market uncertainty, with Bitcoin (BTC) continuing to consolidate between the highs and lows of the $90,000 psychological mark. Notably, while the rest of the market has been largely bearish, XRP has demonstrated more resilience.

As evidenced by the 4-hour chart, XRP has broken above a multi-week falling wedge, despite the market’s bearish direction. Market data confirms this occurrence over the weekend.

To provide context, XRP began forming this falling wedge after facing a roadblock at the seven-year peak of $2.9 on Dec. 3, 2024. At this top, XRP faced a pullback and subsequent consolidation, which spilled into the new year, forming the falling wedge.

However, a recovery push last weekend saw XRP soar by an impressive 10% on Saturday, Jan. 11, leading to a breakout above the wedge. At the time of CryptoWZRD’s commentary, XRP price was already witnessing a mild correction to retest this breakout.

The crypto analyst expressed confidence that this recent breakout will lead to a more impressive run toward new highs. According to him, XRP has already started the move that will trigger an explosive rally to a new all-time high.

Although he acknowledges the possibility of an invalidation, which he ascribes to a Bitcoin bear push, it is worth noting that XRP’s bullish run often faces a roadblock when Bitcoin triggers a bearish phase across the entire market. This trend has persisted throughout December 2024 and into the new year.

Bitcoin's occasional slumps over these past few weeks have been attributable to macroeconomic factors, especially stronger U.S. employment data, which reduces hopes of interest rate cuts. Nonetheless, if another major downtrend does not occur, CryptoWZRD expects XRP’s current run to lead to $4, a new all-time high.

Interestingly, XRP appears to have maintained the bullish push, as recent data suggests. Following a pullback and consolidation on Jan. 12 and 13, XRP resumed the latest rally, surging 5.71% on Tuesday, Jan. 1,4 to conquer the $2.60 region.

This morning, XRP has maintained this upward thrust, with an additional 5.34% gain today. As a result, the token appears to be retesting the $2.80 resistance at press time, currently changing hands at $2.806. A decisive push toward $2.85 would help conquer the $2.8 region. At this point, XRP only needs a 42% gain to claim $4.