Crypto analyst Block Bull has identified a potential bullish trend in XRP’s price chart, highlighting an inverse head-and-shoulders pattern. The analyst suggests this formation could propel the token towards $3 before the upcoming Federal Reserve meeting scheduled for Wednesday. 📈
Block Bull’s analysis is based on a chart showing XRP trading around $2.63 with a clear left shoulder, head, and right shoulder forming an inverse H&S pattern. A neckline breakout suggests a potential continuation towards the next resistance level near $3. 🚀
Community Reaction: The analyst’s post ignited discussions among market participants. Some expressed cautious optimism, anticipating XRP to reach $2.70 in the short term before climbing to $3 by Thursday.
Technical Context and Pattern Implications:
The inverse head-and-shoulders pattern usually signals a shift from downward to upward trends when the neckline is successfully broken. Block Bull’s chart displays this breakout, with XRP showing stronger upwards momentum. The next significant hurdle for the asset lies around $3.09 if the trend sustains. If it breaks this level, it could mark a significant recovery point after previous consolidation phases.
Market Context Before the Fed Meeting: The timing of this potential move adds another layer of interest, given the upcoming Federal Reserve meeting midweek. Traditionally, such meetings can impact digital asset markets through shifts in monetary policy sentiment or broader risk appetite.
Traders are closely watching whether a stable macroeconomic environment can support XRP’s continued technical strength before the Fed meeting announcement. While analysts and traders are optimistic, some caution that volatility surrounding the meeting could affect short-term price movements regardless of the technical outlook.
Further Observations: Block Bull’s identification of the inverse head-and-shoulders pattern has further fueled optimism among XRP traders who hope to see a continuation of recent gains. The $3 level remains the main focus for short-term gains, and analysts and traders alike are closely watching how price action develops as the Fed meeting approaches.
Disclaimer: This content is meant for informational purposes only and should not be construed as financial advice. Times Tabloid is not responsible for any financial losses incurred from reading or acting upon this article.