Bitcoin Forms ‘Bullish Wedge for Record High Run, Analysts Predict Rally As XRP Active Addresses Surge

As macroeconomic factors weigh heavily on the crypto market, the Bitcoin price has been trading under the critical $110k resistance since the beginning of November. Despite the current bearish outlook of the market, Bitcoin has formed a bullish falling wedge pattern, suggesting a potential rally to a new all-time high.

Another crypto that analysts are backing for a potentially huge run is XRP. Over the last three days, the active XRP addresses shot up by 40% to approximately 32,000, signaling growth and adoption within the ecosystem. Based on this growth, analysts believe XRP could see a run to a new ATH.

Bitcoin Could Rally To New High With Bullish Wedge Formation

Since the October market crash, Bitcoin has struggled to generate any steady bullish momentum. Since its rejection at $110k at the beginning of November, the Bitcoin price has been trading between $100,000 and $105,000.

Despite the price drop, Bitcoin has recorded over the last few weeks, a bullish wedge pattern has gradually been forming on the 1D timeframe. This puts Bitcoin in position to experience a breakout to the upside very soon.

Nihilus, a well-known pseudonymous analyst, forecasted that the next Bitcoin destination will be up to $128,000, a new ATH. This pattern, however, will unfold if the support level at $100,000 holds. The price of Bitcoin might have a more drastic correction if it goes below the support.

CryptoELITES is more optimistic about how high Bitcoin can go. The analyst says BTC has been rising on an upward trendline since the end of 2022. CryptoELITES believes that this trend will continue, and that this bull cycle will see the Bitcoin price soaring as high as $190,000.

Source: X

Surging On-Chain Metrics Suggest That An XRP Rally is Near

XRP has been steadily rising over the last week, retesting the critical support level at $2.5. One of the major catalysts behind the bullish performance of XRP is the upcoming launch of the Canary XRP ETF on the Nasdaq stock exchange.

However, there has also been a major shift in on-chain metrics that suggest that the price of XRP could continue to rise in the near term. There has been a significant jump in the number of active addresses on the XRP Ledger this week.

The number of XRP addresses increased by 40% to approximately 32,000 as of Wednesday, up from 19,000 on Sunday. The rise in this metric is often followed by an increase in the demand for the XRP coin, which leads to a price rally. In addition, ChartNerd has shared an analysis showing that the structural integrity of the XRP rally is still intact.

The chart displays that XRP has been out of the symmetrical triangle pattern. XRP has also managed to move out of and retest a major support position, positioning for an impulsive upside. Judging by his analysis, ChartNerd is of the view that the XRP price would go up to a high of $25.5.

Key Takeaway

While the crypto market appears to be predominantly bearish, there are key metrics that suggest that momentum could be building for a major up move. If that happens, the prices of XRP and Bitcoin could pump to new highs by early 2026.