XRP Trading at $0.55 After Slow Recovery — Downturn May Be on the Horizon

Key Takeaways

• A symmetrical triangle signals a potential breakout or further decline.
• A recovery to $0.60 is expected before more downside.
• The final corrective drop to $0.44 may precede the bullish phase.

XRP experienced a strong rise from $0.38 to $0.66 in July, but a corrective symmetrical triangle has since formed.

The key question is whether a breakout will occur or further declines are ahead. A potential recovery to $0.60 is possible, but a final drop to $0.44 may complete the correction before a bullish phase begins.

XRP Price Analysis

XRP rose strongly from $0.38 on July 5 to $0.66 by July 31, forming a symmetrical triangle with lower highs and higher lows since then.

This pattern indicates a corrective phase, with two possible outcomes: a breakout above resistance or further decline.

If the correction ended at the Sept. 6 low of $0.50, a new impulse wave could form, potentially pushing the price above resistance.

Alternatively, the correction could continue, forming a complete ABCDE pattern before aiming for $0.80 or higher. A more substantial rally may target $1, but further confirmation is needed. 

XRP attempted a breakout on Sept. 29, reaching $0.66 but quickly falling to $0.58. On Oct. 3, the price retraced to $0.50, raising doubts about the bullish scenario. But from there, it slowly recovered to $0.55, where it currently trades.

The breakout’s indecisiveness and the subsequent decline on Oct. 3 have shaken the assumption of the next starting uptrend.

What happens around $0.50 will provide further insight into XRP’s next major move. 

XRP Price Prediction

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

The recent failed breakout could signal a second ABC, with a third still possible.

The Oct. 3 low likely marks the end of wave A, with a B wave recovery expected before a final drop to around $0.44.

This would complete the correction, setting the stage for a potential bullish phase.

A short-term recovery to $0.60 may occur, but a further decline to $0.44 is expected before the correction concludes.

After XRP clears this pattern, a new rally could potentially start.