Key Highlights:
- XRP price declined by 8.75% on Friday following Ripple’s announcement of its $1 billion buyback plans.
- A dip towards the $2 support level is anticipated in the upcoming days, as investors remain hopeful for a rebound.
Ripple aims to raise $1 billion to acquire XRP for its own digital asset treasury, which may position it as the world’s largest corporate holder of this major cryptocurrency. However, this news did not significantly affect XRP’s price, which plummeted 8.75% after the October 17th announcement, continuing its downtrend.
XRP/USD four-hour price chart. Source: TradingView
Will XRP move beyond its current downtrend this October?
Amid recent market volatility that saw a $20 billion liquidation, XRP has been moving within a falling wedge. While a dip towards the $2 support level is likely, a breakout above the wedge’s upper trendline could push the price towards the $2.36-2.75 range, representing a potential increase of 5-20%.
XRP/USDT four-hour chart. Source: TradingView
If the price successfully breaches the $3.55 level, it may soar as high as $7.75 by early 2026. Conversely, closing below $2 could negate this bullish scenario, leading to further declines.
Long-Term: XRP’s Prospect for a Breakout
XRP is presently maintaining a breakout scenario despite a 60% plunge during the recent market downturn. As of Friday, XRP trades above the trendline and looks toward a potential recovery ambition of $3.55.
XRP/USDT weekly price chart. Source: TradingView
This article does not offer investment advice. Always research thoroughly before making investment decisions.
