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.

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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