XRP Price Falls to $0.60 After Breakout Attempt Failed — $1 Still in Play

Key Takeaways

• XRP forms a symmetrical triangle after a significant surge.
• Breakout could lead to targets around $0.80 and $1.
• Failure to break resistance may trigger a $0.50 retest.

XRP‘s price has seen notable movements, rising from $0.38 to $0.66 in July before settling into a symmetrical triangle pattern.

This formation signals a corrective phase, with possible outcomes of either a breakout or continued consolidation.

The current analysis explores potential bullish and bearish scenarios, projecting key price targets and support levels for XRP‘s next move.

XRP Price Analysis

XRP experienced a significant surge, rising from $0.38 on July 5 to $0.66 by July 31.

Since then, the price has formed a symmetrical triangle pattern characterized by lower highs and higher lows.

This triangle indicates a corrective phase with two possible outcomes: a breakout or a rejection at the resistance level.

If the correction ended at the Sept. 6 low of $0.50, a new impulse wave could emerge, breaking above the descending resistance. 

Read more: XRP Price Prediction 2024: Ripple Price Analysis

Alternatively, if the correction continues, one more higher low may form to complete an ABCDE pattern before moving upward, potentially targeting $0.80. A stronger bullish trend could drive the price toward the $1 mark.

On Sept. 29, another attempt was made to break out, as the XRP price spiked to $0.66. However, it quickly fell back to $0.58, from which the spike occurred. Was this accounted for in a bullish scenario? 

XRP Price Prediction

Zooming into the hourly chart suggests a possible new five-wave impulse started on July 5. The recent downward move appears to be a corrective phase, with wave three beginning on Sept. 6.

A breakout above the resistance could signal a lower-degree wave five, indicating a larger uptrend.

XRP might reach $0.86, aligning with the 1.618 Fibonacci extension level, representing wave three of a higher degree count. A further high would push XRP to $1 for its final wave.

However, if the price fails to break above the descending resistance, it could retest the $0.50 support area.

From its recent high, the price made a 12% decrease which is a sign of caution. Should the decline continue, the bullish projection might be invalidated.

But if it makes a bounce, it could mean that the decrease was a retest of the broken resistance for support on its lower degree wave two, and further upside advancement is ahead.