Key Points:
XRP price must turn the 200-day SMA and the resistance of $2.70 to $2.80 into support in order to push the price above $3.00.
Analysts believe there is a 57% chance of a breakout to $9.50 to $27, while there is a 43% chance of a drop to $0.50.
XRP has fallen over 31% since reaching a high of around $3.66 in July, with a 12.5% drop in the past seven days, dragging it down to around $2.50.
Can XRP hold $2.50 as support and continue to rise?
XRP must turn the resistance area of $2.70 to $2.80 into a new support area to aim for higher points above $3.00.
However, the XRP/USD trading pair first needs to close above the 200-day simple moving average (SMA) at $2.58 on the daily chart.
Historically, reclaiming this trend line has led to significant rebounds in XRP price, as seen in July (see chart below).
The next area of interest above is $2.86-$2.96, where both the 50-day and 200-day moving averages are currently located.
According to Cointelegraph, bulls need to push the price above the 20-day exponential moving average (EMA) at $2.72 to release a rebound signal.
According to technical analyst Egrag Crypto, the XRP chart shows that as long as XRP/USD does not fall below $2.50, there is a possibility of a rebound at the current level.
He shared a chart showing that XRP price is in a "descending expanding wedge," which has a 57% probability of breaking upward.
If a breakout occurs, XRP is expected to hit the measured target of the current chart pattern at $9.50.
Egrag Crypto added:
Analysts also pointed out that the expanding wedge has a 43% probability of breaking downward, with a potential low of $0.50, providing an ideal range for buying the dip.
Elliott wave analyst XForceGlobal also stated that XRP "remains bullish on a macro level."
The chart analyst believes the current price range is in the "confirmation phase," which is the stage before entering the final upward movement of the third wave of this cycle.
Multiple high-cycle technical indicators (including the weekly Stochastic RSI being in the oversold zone) indicate that there is a possibility of a bullish reversal in XRP price.
Related: Opinion: The maturity of cryptocurrency requires systematic discipline, not speculation
Original: “XRP Price Shows Promise at $2.50: Is a 57% Rally Possible?”
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