Ripple’s XRP token is experiencing downward pressure as uncertainties linger in the cryptocurrency market. The asset is trading at approximately $2.23, with a daily trading volume hovering around $8.8 billion.

In the last 24 hours, XRP has observed a near 2% drop, adding to a significant 15% loss over the past week. Analysts are closely monitoring crucial technical levels that could indicate potential stability or further decline.

EGRAG CRYPTO Identifies $1.94 as Critical Support Level

Analyst EGRAG CRYPTO noted that XRP is currently in an essential accumulation zone as long as the price remains above $1.94. They recently stated:

“We’re sitting in one of the most powerful accumulation zones you’ll ever see. Miss this range, and you’ll regret not loading up when fear was at its peak.”

[Translation: EGRAG CRYPTO mentioned the importance of not missing the buying opportunity at this crucial price level.]

They also highlighted irregularities in pricing across leading exchanges, labeling it as “data distortion.” To mitigate this, they have started averaging prices across various exchanges, which they refer to as the Crypto Data Set. For tracking purposes, they have identified $1.40 as a foundational level.

Projected Price Levels from $10 to $50

EGRAG elaborated on potential price targets for XRP if it experiences a rebound. In the short term, he anticipates a move towards $10, based on the current price range pattern. They remarked that while the formation isn’t a classical wedge or rectangle, it still reflects a measured target near that range.

The forecast indicates possible upward movement to a range between $14 and $25 if a broader wave pattern develops. The most ambitious target is $50, in reference to a historical wick observed on Gemini. Challenging the notion that only lower wicks require revisiting, they commented:

“If the market loves symmetry, both wicks can balance in time.”

[Translation: EGRAG expressed that both high and low price ranges may be revisited in the future, emphasizing market symmetry.]

Analyst ChartNerd also reported that XRP recently interacted with its upward support line established since 2024. The current price is around $2.21. The trending structure fits within a rising channel, with previous touches at support leading to recoveries towards higher ranges near $6 - $7.

Current Market Sentiment and Activity

Trader CRYPTOWZRD mentioned that XRP closed with a slightly bearish candle, while the XRP/BTC pair showed a dragonfly doji pattern. “XRP will follow Bitcoin’s sentiment tomorrow,” they remarked, focusing on lower timeframes for potential trading opportunities.

Additionally, wallets holding between 100 million and 1 billion XRP have recently diminished their balances, which may be contributing to market pressure according to CryptoPotato.

Meanwhile, interest is increasing for a spot XRP ETF, as firms like Franklin Templeton, Bitwise, and Canary Capital have submitted updated S-1 filings with the SEC, suggesting possible launches by mid-November. Ripple has also confirmed its acquisition of Palisade, a crypto custody firm, aiming to bolster its institutional digital asset framework.