Key Takeaways
- XRP price consolidates within a long-term symmetrical triangle, signaling potential breakout or breakdown.
- Recent drop to $0.50 support** followed a failed breakout attempt at **$0.55 resistance.
- Mixed technical indicators (RSI at 50, MACD neutral) suggest uncertainty in short-term momentum.
- Ripple's latest updates include enhanced custody solutions and XRP Ledger (XRPL) improvements.
- Short-term bearish outlook targets $0.46**, while reclaiming **$0.55 could reignite bullish momentum.
Long-Term XRP Price Analysis
Symmetrical Triangle Pattern
The weekly XRP chart reveals a symmetrical triangle formation since early 2021, a neutral pattern indicating both breakout and breakdown possibilities. With the pattern nearing its apex, a decisive move is imminent.
- Bullish Wave Count: Suggests XRP is completing wave B in an A-B-C correction, targeting $2.40 if wave C mirrors wave A.
Technical Indicators:
- RSI: Neutral at 50.
- MACD: Flatlined near zero.
👉 Discover how Ripple's custody upgrades impact XRP's utility
Ripple News and Developments
Positive Updates
Ripple Custody Enhancements (Oct. 10):
- AWS Cloud integration.
- XRPL tokenization and DEX usability improvements.
- Industry Recognition: Named "Best Cross-Border Payments Platform" by Juniper Research.
Regulatory Challenges
- CEO Brad Garlinghouse criticized the SEC’s expanded jurisdiction over XRP futures contracts.
Short-Term Price Outlook
Bearish Signals (12-Hour Chart)
- Breakdown below $0.55 and mid-channel support in an ascending parallel channel.
- Potential A-B-C correction targeting $0.46 (confluence of horizontal support and channel trendline).
Bullish Scenario
- Reclaiming $0.55** could push price to **$0.66 (channel resistance).
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FAQs
1. Will XRP break out of its long-term triangle soon?
While the symmetrical triangle suggests an impending breakout, short-term volatility may precede a decisive move.
2. What’s the significance of the $0.50 support level?
Historically, $0.50** acts as a psychological and technical support; losing it could trigger a drop to **$0.46.
3. How do Ripple’s new features affect XRP’s price?
Enhanced utility (e.g., custody solutions) may bolster investor confidence but doesn’t guarantee immediate price action.
Conclusion
XRP’s price hinges on key levels:
- **Breakout above $0.55** → Rally to $0.66.
- **Failure to hold $0.50** → Decline to $0.46.