Source: Cointelegraph Original: "{title}"
XRP has dropped nearly 40% since reaching a multi-year high of $3.40 three months ago.
Despite this, its stable performance above key technical support levels, combined with the upcoming derivatives launch that could change the market landscape, has led some analysts to maintain a bullish outlook for the coming months.
Coinbase XRP futures may launch on April 21
From a fundamental perspective, the Coinbase Derivatives platform is expected to launch XRP futures contracts on April 21, which will be listed under the supervision of the U.S. Commodity Futures Trading Commission (CFTC), potentially boosting XRP's price.
This development could inject new liquidity and institutional interest into the market, helping to catalyze the anticipated technical breakout.
XRP price chart shows Wyckoff re-accumulation pattern
According to technical analyst Charting Guy, XRP's current consolidation phase resembles the classic Wyckoff re-accumulation pattern.
The Wyckoff re-accumulation pattern is a mid-cycle structure that typically signals the arrival of the next broader uptrend. It indicates that smart money is absorbing supply, laying the groundwork for a potential breakout during the cooling period.
XRP established support and began consolidating at the end of 2024, marking the A and B phases of the Wyckoff re-accumulation pattern. In early April 2025, the price formed a "Spring" shape, followed by a successful "Test," indicating seller fatigue.
As of April 21, XRP is attempting to break through the descending "Creek" trendline.
Once broken, it will confirm the "Jump Across The Creek" (JATC) and enter the D phase. If confirmed, XRP could enter the E phase and rise 70% in the coming weeks, reaching the $3.55 level, which aligns with the last support point (LPS) of the pattern.
The Fibonacci retracement chart drawn from the high of $3.55 to the low of $0.14 shows that if XRP's price breaks above $3.55, the target for June would be $5.65.
Descending wedge aligns with XRP's bullish outlook
This bullish outlook aligns with XRP's current descending wedge pattern, which technical analyst "Jobcfx" identified on X.
Notably, this bullish reversal structure has been narrowing since February 2025. A breakout above the upper trendline of the wedge, currently around the $2.20-$2.40 area, would signify the start of a new uptrend.
Breakouts from descending wedges typically target the maximum height of the pattern.
In XRP's case, if it breaks above $2.20, the expected target for May would be close to $4.00, consistent with the breakout range of the E phase of the Wyckoff re-accumulation pattern.
Interestingly, Bitcoin (BTC) has also formed a descending wedge pattern on its chart. If a breakout is confirmed, Bitcoin's bullish breakout could serve as a catalyst for driving momentum in other tokens, potentially accelerating XRP's upward momentum.
Related: Report: Cantor plans to establish a $3 billion crypto investment company in partnership with SoftBank, Bitfinex, and Tether
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making decisions.
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