Key takeaways:
XRP’s price needs to turn the 200-day SMA and the $2.70-$2.80 resistance into support for a potential rally above $3.00.
Analysts project a 57% likelihood of an upward breakout to $9.5-$27, with a 43% chance of a decline to $0.50.
XRP (XRP) has fallen over 31% since hitting a peak near $3.66 in July, including a 12.5% drop in the past week, bringing it close to $2.50.
Will XRP sustain $2.50 as support and continue its ascent afterward?
XRP needs to turn the 200-day SMA into support
XRP must convert the $2.70-$2.80 resistance area into a support zone to aim for higher highs above $3.00.
However, the XRP/USD pair first needs to close above the 200-day simple moving average (SMA) at $2.58 on the daily chart.
Related: Ripple to launch RLUSD stablecoin in Bahrain through a new partnership
Beyond that, the next important level to monitor would be the $2.86-$2.96 range, where the 50-day and 200-day SMAs currently reside.
As Cointelegraph noted, bulls need to push the price above the 20-day exponential moving average (EMA) at $2.72 to indicate a comeback.
XRP has a 57% probability of an upward breakout
XRP charts imply a rebound from current levels is feasible, provided XRP/USD does not dip below $2.50, according to technical analyst Egrag Crypto.
He shared a chart showing that the XRP price is within a “descending broadening wedge, which has a 57% chance of breaking upward.”
If this occurs, the altcoin could surge toward the measured target of the current chart pattern at $9.50.
Egrag Crypto commented:
“I anticipate a minimum of $9, with an average target of $20 and a high-end target of $27 this cycle.”
The broadening wedge also carries a 43% chance of a breakdown that could drop as low as $0.50, offering a potential level to “buy back,” the analyst suggested.
Elliott wave analyst XForceGlobal also mentioned that XRP is “still bullish on the macro.”
The chartist perceives the current price range as the “confirmation stage” before XRP enters its final bullish advance into wave 3 of the cycle.
“From a timing perspective, it’s looking promising.”
Various other technical indicators on higher time frames, including the oversold weekly Stochastic RSI, suggest a potential bullish reversal in XRP price.
This article does not constitute investment advice or recommendations. Every investment and trading decision carries risks, and readers should perform their own research before making choices.
