- XRP has struggled to break above the $3 level but shows bullish patterns suggesting a potential rally toward $4.40–$5.80 if $2.95 support holds.
- Falling below $2.95 could trigger a deeper correction toward $2.40.
XRP has struggled to decisively surpass the $3 psychological barrier, falling more than 20% since its July peak near $3.66. Despite recent setbacks, analysts remain optimistic about a potential breakout, highlighting technical patterns and key support levels that could drive XRP higher.
XRP Rebound Could Target $4.40
Technical analysis suggests XRP could rebound toward $4.00–$4.40 if it holds the crucial $2.95 support level. Elliott Wave analyst Avi Harkishun notes that this zone, which acted as resistance during mid-2021, has historically become strong support after XRP’s earlier breakout.
The $4.00–$4.40 target aligns with the 1.618 Fibonacci retracement level measured from the swing high near $3.38 to the swing low around $1.61.
Other chartists, including ThePenguinXBT, view these levels as an attractive long opportunity. Additionally, XRP’s bull pennant pattern hints at a potential upside target near $4.62.
Cup-and-Handle Formation Points to $5.80
Another bullish signal comes from AltcoinGordon, who identifies a classic cup-and-handle formation on XRP’s daily chart. Currently in the handle stage, the consolidation could precede a breakout above the neckline at around $3.80.
Based on the cup’s depth, the measured move projects a target of $5.80, representing a potential 90% gain from current prices. This formation highlights XRP’s strong technical potential if bullish momentum resumes.
Key Support Level at $2.95
However, the bullish scenario depends on XRP maintaining support at $2.95. A drop below this level could trigger a longer pullback pattern known as a “WXY correction,” extending the decline toward $2.40. This zone aligns with heavy historical trading activity and the 200-day exponential moving average (EMA), offering a potential safety net in a bearish scenario.
XRP’s near-term prospects hinge on its ability to reclaim $3 as support. Holding $2.95 could pave the way for a rally toward $4.40–$5.80, while failing to maintain this level may lead to a deeper correction toward $2.40. Traders and investors will be watching these key technical points closely as XRP navigates its next critical phase.
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