From Coinpedia · By Anjali Belgaumkar
XRP’s chart still allows for an upside breakout, but the token has to clear two nearby price levels first. An analyst sees a target zone between $2.14 and $2.99 if buyers regain control.
Where XRP stands now
XRP rallied strongly after its August low near $0.985 and bounced again from a low on September 14 to 15. Since September 23 it has been pulling back.
The analyst said both recent pullbacks were slow, choppy, three-step declines, while the rallies before them were fast and strong. He reads that contrast as a sign the larger trend still points up. The latest drop also made a fresh low on Friday, which he said completes a textbook correction pattern.
“We have a completion of a textbook pattern,” the analyst said, but added that there is no confirmed reversal yet.
The two levels XRP must break
$1.56: A decisive move above the last swing high here would be the first sign that the pullback is over.
$1.66: This is the bigger hurdle. It marks the start of a wide resistance zone that runs from $1.66 to $2.80. XRP also reacted at this level in February, March and May.
Upside targets
If XRP clears $1.66, the next levels to watch are:
$1.94: the next resistance
$2.14 to $2.99: the analyst’s main target zone, open as long as the September low holds
$11 and above: a long-term projection that only comes into play if the rally from the August low develops into a larger five-step advance. The analyst stressed this is not a level XRP must reach.
Support levels to watch
$1.32 to $1.49: the short-term support zone, where the current pullback would ideally end
$1.10 to $1.37: the wider support zone for the medium term
$0.486 to $0.985: the major support area, with $0.73 and $0.48 as the levels to watch if XRP makes another low
The analyst warned that XRP still has room to fall inside the $1.32 to $1.49 zone, and that a drop below it would force a rethink of the outlook.
TagsCrypto news Ripple (XRP)