XRP Bounces From $0.52 Support — Could a Breakout Follow?

Key Takeaways

• XRP climbed from $0.38 to $0.66 by July 31.
• A symmetrical triangle indicates potential breakout or rejection.
• A recent high at $0.52 suggests possible recovery ahead.

XRP has shown notable price movements recently, rising significantly before entering a corrective phase characterized by a symmetrical triangle pattern.

This analysis examines the potential outcomes and predictions for XRP as it navigates key resistance levels.

XRP Price Analysis

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

Since then, a symmetrical triangle pattern characterized by lower highs and higher lows has been established.

This triangle indicates a corrective phase, presenting two potential outcomes: a breakout above the resistance level or a rejection.

If the correction concluded at the Sept. 6 low of $0.50, a new impulse wave could emerge, potentially leading to a breakout above the descending resistance.

Alternatively, if the correction continues, another higher low may form, completing an ABCDE pattern before a possible upward movement targeting $0.80. A stronger bullish trend could push the price toward the $1 mark.

On Sept. 29, XRP attempted a breakout, spiking to $0.66 before quickly retreating to $0.58 at the descending resistance.

While there was potential for a bounce and continuation of the upward trend, the previous resistance failed to act as support.

On October 3, the price dropped back to $0.50, the level at which the breakout attempt occurred, raising doubts about the bullish outlook. But yesterday, XRP made a higher low of $0.52, hinting at a recovery.  

XRP Price Prediction

The hourly chart suggests a likely bounce, but another decline should also be anticipated afterward. From July 5 to July 17, XRP made an impulsive move upward, reaching a peak of $0.64. This was followed by a sharp decline to $0.43, after which it quickly rebounded.

This movement may represent the first ABC correction within the higher-degree WXY count.

Given the recent failed breakout attempt, we can consider it the second ABC, indicating a third possibility.

The Oct. 6 low marks the end of the A wave, suggesting that we can expect a B wave to recover the price before it ultimately declines to around $0.44 for its final move.

Once this corrective structure is completed, XRP could confirm the beginning of a bullish phase, but we need to monitor the price action closely in the coming days.

In conclusion, yesterday’s high could indicate a recovery to $0.60, but another steep decline to $0.44 should follow, concluding this complex correction from July.

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