Key Takeaways
XRP has shown notable price fluctuations in recent months, rising significantly before entering a corrective phase.
This analysis explores XRP’s current price trends and potential future movements, highlighting key patterns and indicators that could influence its trajectory.
XRP saw a notable increase, climbing from $0.38 on July 5 to $0.66 by July 31.
Since then, it has formed a symmetrical triangle pattern characterized by lower highs and higher lows.
This triangle suggests a corrective phase with two potential outcomes: a breakout above the resistance level or a rejection.
If the correction concluded at the September 6 low of $0.50, a new impulse wave could develop, leading to a breakout above the descending resistance.
This triangle suggests a corrective phase with two potential outcomes: a breakout above the resistance level or a rejection. If the correction concluded at the September 6 low of $0.50, a new impulse wave could develop, leading to a breakout above the descending resistance.
Conversely, if the correction persists, another higher low may form, completing an ABCDE pattern before a potential upward move targeting $0.80. A stronger bullish trend could propel the price toward the $1 mark.
On September 29, XRP attempted to break out, spiking to $0.66 before quickly retreating to $0.58 at the descending resistance.
There was a chance it might bounce and continue its upward trajectory, but the prior resistance didn’t serve as support.
On Oct. 3, the price reverted to $0.50, the level at which the breakout attempt was made, questioning the bullish outlook.
The hourly chart shows that a bounce is likely, but another downfall should be expected afterward. From July 5 to 17, we saw an impulsive move to the upside, reaching $0.64 at its peak.
A sharp decline to $0.43 followed, but XRP immediately shot back up.
This movement could be the first ABC correction as the first sub-wave from the higher degree WXY count.
As the recent breakout attempt failed, we can count it as the second ABC, which indicates that a third could be seen.
The Oct. 6 low was the end of the A wave, so we expect a B wave to recover the price to $0.60 before bringing it down to the $0.44 area for its final move.
As a corrective structure, XRP could confirm a starting bull phase upon completion, but first, we need to see how the price action develops in the following period.