XRP Price Forecast: Will It Break Free from Its Current Plateau Beyond $3?
XRP is consolidating after a slow September, approaching critical price levels that may dictate its next significant movement.
XRP Price Forecast: Will It Break Free from Its Current Plateau Beyond $3?
XRP is currently trading within a narrow range after losing steam throughout September. The currency is now testing significant levels against both USDT and BTC, which could indicate its next major move in the upcoming weeks.
Technical Analysis
The USDT Pair
Against USDT, XRP is hovering around $2.98, having rebounded from the $2.60 region, where the 100-day moving average provided support along with the lower boundary of a descending wedge pattern.
The price action is now approaching the upper limit of a wedge that has restricted upward momentum since mid-July. A successful breakout above $3.00 could lead the price toward the $3.60 resistance level. Conversely, a rejection at this level may push the price back toward the $2.60 range, where the 200-day moving average serves as additional support, or even lower within the broad upward channel.
XRPUSDT Chart
The BTC Pair
XRP is currently positioned slightly above 2,500 SAT, closely aligned with the golden zone of the Fibonacci retracement. After losing momentum at the 3,000 SAT level, XRP sits at a crucial point, relying on both the 100-day and 200-day moving averages for support.
Should it break below the 2,500 SAT mark, the pair may descend toward the 0.618 retracement level situated at 2,350 SAT, and possibly even further to 2,250 SAT. Conversely, maintaining support at the 0.5 level and reclaiming prior highs around 2,700 SAT will bolster the likelihood of revisiting the significant peak at 3,000 SAT. Caution is advised until there is a definitive break in either direction.
XRPBTC Chart
Disclaimer: The insights shared in this analysis are derived from various sources and do not reflect the views of CryptoPotato. Always conduct thorough research before making investment decisions.
