- Technical analysts warn that the price of XRP is heading to a deeper drop from $2.72 to $2.22.
- Another suggests a possible breakout on the upside by the end of October or the start of December.
Bitcoin (BTC), Ethereum (ETH), and BNB’s significant rallies have recently done no favors for XRP. Pressure is building up on the XRP Ledger’s native coin as BTC and BNB have been logging new all-time highs (ATHs) at the start of the week, and ETH appears to be gearing up to break its latest historical peak.
XRP constantly struggled to maintain its foothold above the $3 line in August and September, casting doubt about its potential to break out from its ATH of $3.84 eight years ago. BNB overtaking its market cap further amplified the FUD (Fear, Uncertainty, Doubt) on the asset.
With that, some popular technical analysts are divided on the prospect of XRP harnessing the generally positive sentiment on the crypto market during October’s “Uptober” narrative.
XRP Price Sits at a Critical Juncture
Ali Martinez, a technical analyst with over a hundred thousand followers on X, warned that XRP is cruising at a critical juncture. Based on the descending triangle pattern Martinez observed after the token’s rally to $3.65 in mid-July, he said the asset could be heading for a retest at the bottom of the trend.
The crucial number that traders and investors need to watch out for is $2.72. Failing to bounce back from this figure could risk deeper corrections for XRP.
A Possible Dip to $2.22
Peter Brandt, a veteran stock market trader since 1975 with over 810,000 followers on X, presented an alarming bearish signal based on XRP’s direction within a descending triangle pattern. Citing the trading fundamentals in Robert Edwards and John Magee’s “Technical Analysis of Stock Trends,” he explained that the trend is a foreboding indicator of further dips.
In the case of XRP, the movement of its price supports and resistances within the formation after the July rally could lead to a drop to $2.22. Brandt also agreed with another trader’s analysis, showing a bearish divergence in the token’s Relative Strength Index (RSI) since November 2024. For him, the longer trend offers a more precise forecast as it eliminates the noise from short-term volatility.
Optimism on XRP’s Potential to Break Out Above $4
On the other hand, the pseudonymous Egrag Crypto, another technical reader with nearly a hundred thousand followers on X, presented his optimistic take for this month. According to him, “October breakout is looking promising.”
The analyst grounded his projection on a much longer trend, starting in April last year. This paints a bullish ascending triangle pattern, contrasting Martinez and Brandt’s depressing tone for XRP.
Egrag’s latest assessment lies in timing XRP’s 362-day series. He claimed that the asset tends to experience exponential breakouts at the 70%, 80%, or 90% completion of the cycle.
Applying such an assumption, the 70% breakout should have been due last September 22. However, the passage of the deadline without significant price action suggests that the price of XRP may considerably climb at the 80% or 90% range on October 28 or December 6, respectively. Interestingly, he believes this month’s deadline has the highest odds of happening.
Without other factors suppressing the trend, it could result in a retest of July’s $3.65 peak and eventually XRP’s ATH price of $3.85. The next move could take the asset toward $4, positioning it to an $8-$10 top or $20-$27 high before the year ends.
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