XRP Price Prediction: $2.92 ‘Make-or-Break Zone’ Could Decide Next 10% Move
XRP is trading at $2.96, down from last week’s high of $3.10 where a rejection candle started the short term correction.
Quick overview
- XRP is currently trading at $2.96, down from a recent high of $3.10, with bears testing the lower boundary of a rising parallel channel.
- The 50 and 200 period EMAs have converged into a critical 'make or break' zone, with a potential breakdown leading to deeper pullbacks.
- Technical indicators show signs of fading bullish momentum, with recent candles indicating rejection and exhaustion.
- Traders face a risk-reward scenario, where holding above $2.92 could lead to a retest of $3.10, while a close below it may target $2.82 and $2.70.
XRP is trading at $2.96, down from last week’s high of $3.10 where a rejection candle started the short term correction. Price is still within the rising parallel channel that has been guiding the recovery since late September but bears are testing the lower boundary of the channel – an area that will determine the next move.
The 50 period EMA ($2.97) and 200 period EMA ($2.92) have converged into a tight “make or break” zone. A break below this range could change market structure and lead to a deeper pullback to $2.82 and $2.70 where previous consolidation took place. Defending this range would keep XRP’s sequence of higher lows intact and the broader trend up.
Candle and Momentum Indicators Show Fatigue
Technicals are painting a picture of fading bullish momentum. Recent candles on the 2 hour chart have long upper wicks – a sign of rejection and exhaustion. A bearish engulfing pattern is forming and tells us sellers are getting tighter in the short term.
The RSI is at 38, weakening but still above oversold. There is room for more downside before any meaningful bounce.
XRP Trade Setup: Bulls Need to Hold
For traders this is a risk and opportunity:
- Bullish Case: A bounce from $2.92-$2.94 with a hammer or bullish engulfing candle could see price retest $3.10 and possibly $3.20, the channel’s upper resistance.
- Bearish Case: A close below $2.92 would confirm the channel breakdown, targeting $2.82 and $2.70, with stops above $3.00.
In short, XRP is walking a tightrope. The convergence of EMAs and the channel floor is a critical pivot. Hold above and buyers are in control, lose it and the short term outlook turns bearish – potentially for a 10% move either way.
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