<ul>
 <li>XRP price action reveals a bearish falling wedge pattern, with the market crash pushing the Ripple token lower.</li>
 <li>The altcoin finds support at a declining trendline near $0.4183, challenging the overhead trendline.</li>
 <li>XRP could target the 200D EMA at $0.53, the previous peak of $0.72, and potentially reach the $1 psychological mark.</li>
</ul>
Despite the prevailing declining trend, the <a href="https://thenewscrypto.com/?s=XRP" target="_blank" rel="noopener noreferrer nofollow">XRP </a>price action is revealing a bearish falling wedge pattern that could potentially lead to a bullish outcome.
The recent market crash has pushed the <a href="https://thenewscrypto.com/?s=Ripple" target="_blank" rel="noopener noreferrer nofollow">Ripple</a> token below the crucial $0.50 psychological mark, raising concerns among investors.
However, with the latest XRP price recovery and the increasing chances of a broader market recovery, the altcoin appears to be gearing up for a bull run.
The question on everyone’s mind is whether this bullish trend will propel XRP to reach the coveted $1 mark. For a more comprehensive long-term prediction, be sure to check out our XRP price prediction article.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="509" src="https://thenewscrypto.com/wp-content/uploads/2024/07/image-65-1024x509.png" alt="" class="wp-image-103103" srcset="https://thenewscrypto.com/wp-content/uploads/2024/07/image-65-1024x509.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-65-300x149.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-65-768x382.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-65-1536x764.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-65.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<h2 class="wp-block-heading" id="h-xrp-falling-wedge-pattern-a-precursor-to-a-bullish-reversal">XRP Falling Wedge Pattern: A Precursor to a Bullish Reversal?</h2>
Reversing from the $0.7221 level, the declining trend in XRP’s price action has formed a falling wedge pattern on the daily chart. This downfall has also fueled the occurrence of a death cross between the 50-day and 200-day Exponential Moving Averages (EMA).
After dropping below $0.50, the altcoin found support at a declining trendline near the $0.4183 mark. With a new recovery rally underway, XRP has surged by an impressive 10% in just five days and is currently challenging the overhead trendline.
At the time of writing, the XRP price is trading at $0.46 range, with an intraday rise of 4.07%, marking the fifth consecutive bullish candle. The altcoin is displaying massive upside potential, with the possibility of a wedge breakout and a rounding bottom reversal pattern.
As the bullish reversal in XRP’s price gains momentum, sideline traders are eagerly anticipating a breakout rally. With the potential falling wedge breakout, the altcoin could target the 200-day EMA at $0.53.
Furthermore, according to the wedge pattern, the Ripple token price could aim for the previous peak of $0.72. If the altcoin finds support from the broader crypto market recovery, the uptrend in XRP could potentially reach the highly anticipated $1 psychological mark.

Ripple (XRP) Poised for Bull Run as Falling Wedge Pattern Hints at Potential Breakout

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