[Analysis] "XRP could surge 70% if Wyckoff reaccumulation pattern completes"

If XRP completes the Wyckoff reaccumulation pattern, it could rise by 70% in the coming weeks, according to analysis. The Wyckoff reaccumulation pattern describes a technical analysis pattern where, after a temporary correction in an uptrend, large investors accumulate more holdings, leading to a subsequent price increase.

On the 21st (local time), Cointelegraph stated, "XRP formed a support line at the end of last year and began to consolidate," adding, "Currently, the Wyckoff reaccumulation pattern is being observed on the XRP/USD daily chart. If the pattern completes, XRP could rise by up to 70% within a few weeks." According to the attached data, XRP successfully broke through the Test line after forming the Spring stage in early April. This suggests a decrease in selling pressure for XRP.

The media stated, "Currently, XRP is attempting to break through the 'Creek' trendline of the descending parallel channel in the reaccumulation phase," adding, "If it breaks through this trendline, it could reach the E stage after passing through the D stage." In this case, XRP could soar to $3.55, a 70% increase from its current price.

The descending wedge pattern observed on the daily chart also supports the possibility of a surge in XRP. If the upper trend resistance line located at $2.2-$2.4 is breached, a new rally could begin. The media explained, "The breakout of the descending wedge pattern is based on the premise that the price can rise by the maximum height formed within the wedge," adding, "If XRP breaks through the upper trendline, the target price is around $4, which coincides with the breakout area of the E stage of the Wyckoff reaccumulation pattern."

Furthermore, the launch of XRP futures contracts is expected to be a positive factor for price increases. On the 21st (local time), Coinbase Derivatives Exchange is set to launch XRP futures contracts. This could significantly increase institutional investor interest and new liquidity in XRP.

Meanwhile, as of 8:45 PM, XRP is trading at $2.1180 on the Binance USDT market, up 3.65% from 24 hours ago.