XRP Price Finds Support Above $0.50, Potential Rally on the Horizon

Key Takeaways

• Key support holds around $0.50 amid price fluctuations.
• The downside target at $0.44 if the correction continues.
• The potential rally could aim for $0.80 and possibly $1.

XRP’s price action has fluctuated between strong support at $0.50 and resistance levels, forming a descending channel that hints at possible breakout opportunities.

As the correction phase nears completion, XRP could either retest lows or set up for a new rally.

XRP Price Analysis

XRP surged from $0.38 on July 5 to $0.66 by July 31, reaching a symmetrical apex and attempting to break out.

This setup suggests a breakout above resistance or a further decline is equally likely. 

If the correction ended at the $0.50 low on Sept. 6, a new impulse wave could push XRP above resistance. However, the price showed signs of struggle after the attempted breakout but managed to maintain above $0.50 for the most part. 

The decline may continue, targeting lower lows than in August. On the other hand, a stronger rally could aim for $1, though further confirmation is needed.

XRP attempted a breakout on Sept. 29, reaching $0.66 before quickly dropping to $0.58. Then, on Oct. 3, it retraced to $0.50, casting doubt on the bullish scenario. On Oct. 23, it was back at this level, putting downward pressure. 

The $0.50 has proven to be significant horizontal support, but XRP has formed a descending channel since its July high, indicating it might eventually break it, leading to more downsides.

Currently, XRP is being traded at $0.52 as a minor bounce was made, and it appears to have stabilized. 

With so many attempts to break the $0.50, the sellers could eventually lose steam, or did this happen already on Oct. 23? 

XRP Price Prediction

The hourly chart suggests a possible bounce followed by another decline. The initial impulsive move from July 5 to 17 up to $0.64 was followed by a sharp drop to $0.43, marking the start of a corrective ABC wave.

The recent failed breakout suggests a second ABC wave, with a potential third wave on the horizon.

The October 3 low likely marks the end of wave A, with a B wave recovery scheduled before a final dip to around $0.44. This would complete the correction and set up a potential bullish phase. While a short-term recovery to $0.60 is possible, a further decline to $0.44 may occur before the correction concludes.

Once XRP completes this pattern, it may be positioned for a new rally and confirm the starting bull phase. Should this happen, our first likely target would be around $0.80, while reaching $1 will also be an option for its next upward advancement.