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ETH 
XRP Cryptocurrency analyst JD pointed out that the XRP/ETH trading pair has a multi-year technical form, which deserves attention.
Cryptocurrency analyst JD (@jaydee_757) identified a multi-year technical form in the XRP/ETH trading pair that deserves high attention. The charts he shared covered weekly price movements on Kraken's platform since 2020. The structure formed throughout the cycle is a "downward wedge", one of the most widely recognized bullish continuation patterns in technical analysis.
The current price is 0.0005708 ETH per XRP. This figure itself explains part of the story: XRP has long been devaluing relative to ETH, but the chart suggests that this compression may be coming to an end.
#XRP/#ETH-A huge multi-year "declining wedge" that looks very similar to the pattern of the previous cycle. If confirmed, the target for this pattern could signal a significant rise in XRP against ETH... unless the structure breaks through upwards. In the end, most investors may still suffer losses due to volatility
Chart analysis
Since 2020, XRP/ETH has formed a large multi-year decline wedge. Two converging trend lines compressed prices over a period of about four years, connecting a series of lower highs and lower lows. The lower boundary has served as a support level many times, while the upper boundary suppresses every rebound attempt.
This wedge shape will eventually break through at the end of 2024. XRP quickly rose to its target level, with an expected increase equal to the height of the widest point of the wedge. JD clearly marks this process in the chart. The breakthrough confirmed the effectiveness of this pattern and achieved the expected trend.
Formation of a new structure
XRP/ETH has a callback after reaching the target bit. The correction lasted for several months and has now formed a new, smaller wedge of decline. This is exactly the structure JD is currently focusing on. It has its own measurement target and marker, and the apex is approaching. XRP is once again compressing within the convergent trend line, and the market is about to usher in a directional choice.
JD's post noted that the setting "looks very similar to the previous cycle." The new descending wedge structurally replicates the original shape. If a breakthrough is confirmed, the measurement shift will signal a significant rebound in XRP against ETH.
Two possible outcomes
This graph clearly expresses the uncertainty. There are two arrows on the right side of the chart. The green arrow points to the upper target level well above the current price; the red arrow points downward, implying that the wedge has not yet confirmed its direction.
If the current wedge's upper trend line is cleanly breached, a bullish measurement move will be triggered. If it fails to break through upwards, XRP/ETH may fall significantly further. JD does not view this as a definite result. His post pointed out that even if the trend develops as expected, the peak is likely to be followed by a crash, adding that no matter how XRP changes, most investors will still end up suffering.
Disclaimer : This content is for reference only and does not constitute financial advice. The opinions expressed in the article may contain the author's personal opinions and do not represent the position of Times Tabloid. Readers are advised to conduct sufficient research before making any investment decisions. Any action taken by readers must be at their own risk. Times Tabloid is not responsible for any financial losses.
