XRP is currently trading within a narrow range following a recent pullback, with traders on edge regarding its breakout direction.

As of now, XRP’s price stands at $2.53, reflecting a 2% increase over the last 24 hours but a 12% decline over the week, according to CoinGecko data.

Possible Scenarios Emerging from the Wedge Pattern

Crypto analyst EGRAG CRYPTO pointed out a descending broadening wedge pattern that hints at the potential for an upward breakout with a 57% probability, contrasted with a 43% probability for a downward movement. Chart Image

“If you want to sell now, go ahead, no hard feelings… Just don’t come back to me later saying you wish you had sold.”

Should the downward scenario play out, EGRAG anticipates a possible retest of the $0.50 mark. Conversely, a favorable breakout could steer XRP towards the $9 region.

Long-Term Outlook Remains Positive

Analyst ChartingGuy indicates that XRP has maintained trading above the $1.61 support level, especially at the 0.786 Fibonacci retracement. Despite grappling with a previous high of $3.31, XRP continues to establish higher lows.

Whale Movements and Market Impact

Recent activity from large wallets transferring XRP to Binance has contributed to a 20% price drop observed earlier in October, coinciding with a steep decline in open interest on XRP futures from $9 billion to roughly $4.17 billion.

Additionally, Ripple has made notable advancements with a new partnership with Immunefi, launching a $200,000 bug bounty program aimed at enhancing security for the XRP Ledger.

This recent announcement seemed to have bolstered trader sentiment as XRP approaches its breakout point, which is being closely monitored.