XRP Wedge Setup: Hold $1.29–$1.13, Break $1.60 to Target $1.94
XRP is trading near a tightening wedge after chart analyst Evan Clegg highlighted a bullish continuation setup. The wedge apex is around $1.33, and Clegg says this looks like compression, not breakdown.
Key levels for XRP traders are defined: support to hold near $1.29, with a structural zone around $1.13. If XRP reclaims resistance, the first target is $1.60, followed by $1.94. A resistance block near $1.60–$1.76 is flagged as the reclaim area to watch.
Momentum supports the wait-and-confirm approach. XRP’s RSI was around 37 at the time of the post—positioned as a “buy zone” in Clegg’s framework (typical deep oversold is often below 30).
Traders are also watching context signals tied to potential expansion: large investors reportedly accumulated 71M+ XRP in a week, and new addresses rose in 24 hours, while large XRP withdrawals from Binance increased.
Plan: for XRP, confirmation comes with upside follow-through above $1.60; losing $1.13 would shift risk toward bearish continuation.
Bullish
The latest update keeps the core thesis bullish for XRP: the tightening wedge appears to be compression, with upside continuation favored if price can hold support and then reclaim resistance. Short-term, traders are watching whether XRP can maintain the $1.29–$1.13 area; that support hold lowers the probability of an immediate breakdown. Momentum is also not “panic” oversold (RSI ~37), which supports waiting for confirmation rather than chasing selling.
For the next legs, the plan is conditional: a reclaim above the $1.60 level (and the $1.60–$1.76 resistance block) would likely trigger the path toward $1.94. This aligns with the trader-style “breakout vs invalidation” framework.
On-chain context slightly strengthens the bullish bias: large investor accumulation and increased new addresses suggest demand may be rebuilding, while higher large withdrawals from Binance hint that bigger players could be repositioning before a directional move.
Overall impact on XRP itself is bullish, but invalidation at $1.13 means traders should respect stop levels and avoid assuming the breakout is guaranteed.