XRP Price Holds Steady at $0.50 Support, Setting up for Possible Rally

Key Takeaways

• XRP faces key support around the $0.50 level.
• There is potential for bounce, but risks of further decline remain.
• Breakout above $0.66 may target $0.80 to $1.

XRP has recently experienced gains and losses, rallying from $0.38 to $0.66 before consolidating around critical support.

The price action now hinges on whether a breakout can shift the trend higher or if further declines await.

XRP Price Analysis

XRP rallied from $0.38 on July 5 to $0.66 by July 31, reaching a symmetrical pattern with a potential breakout at its apex. This formation suggests either a breakout above resistance or a further decline is equally possible.

If the correction concluded at the $0.50 low on Sept. 6, a new impulse wave might push XRP higher. Although the price initially struggled after attempting a breakout, it mostly held above $0.50.

XRP’s downward trend may target lower lows than August. Conversely, a strong rally could aim for $1, though confirmation is still needed. After an attempted breakout on Sept. 29, reaching $0.66, the price dropped to $0.58 and again retraced to $0.50 on Oct. 3, casting doubts on the bullish outlook. By Oct. 25, XRP dipped slightly below $0.50, intensifying downward pressure.

The $0.50 level has been key support, but the descending channel formed since July indicates further downside risk. XRP, currently trading at $0.52, has stabilized after a minor bounce.

Could persistent support around $0.50 exhaust sellers, or has it already done so since Oct. 25?

XRP Price Prediction

The 4-hour chart indicates a potential bounce followed by a further decline. After an initial surge to $0.64 from July 5-17, XRP experienced a sharp drop to $0.43, initiating a corrective ABC wave.

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

Oct. 3 low likely marks the end of wave A, with a B wave recovery anticipated before a final dip to around $0.44. This would complete the correction and set up a potential bullish phase.

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

Once this pattern is completed, XRP could be primed for a new rally, reaching targets of $0.80 and eventually $1.