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XRP XRP has fallen into a narrow range of shocks, with analysts saying a breakthrough is imminent and the target is looking at US$2.
XRP is still hovering in the narrow range of US$1.46 to US$1.56, but one analyst pointed out that this compressed pattern may be about to break, triggering larger market fluctuations. If the token can break through resistance and stand firm, analysts predict its bullish path will point to $1.80 to $2.00; but if it breaks below support, the price could fall to a low of $1.30 or worse.
XRP is trapped between support and resistance
In a video released on October 7, ChartNerd described the current structure of the XRP as neutral, with prices squeezed between the downward resistance line and the horizontal support line. The token has been trading between $1.46 and $1.56 for about a week after failing to recover its previous high of $1.70, creating a "lower high" below its previous peak.
Previous rising pins have also led to false breakthroughs, so confirmation signals are particularly important. To this end, ChartNerd hopes to see XRP break through resistance first, then backtest that level and convert it into support, and finally push prices beyond local highs to confirm the continuation of the trend.
The reason why this breakthrough is critical is that the market is already on the verge of multiple technical decision points. At the time of writing, XRP was trading at approximately $1.47, down 1.5% in 24 hours and nearly 2% in seven days, but its 30-day performance remained positive, with an increase of nearly 5%. Trading volume over the past day also rose sharply by nearly 32% to approximately $2.14 billion.
ChartNerd's bullish scenario is based on a September 16 low of around $1.25 and a high of $1.69 to $1.70, measured using the Fibonacci extension. A successful breakthrough would make $1.80 to $2.00 a potential target, with $2.05 a possible option. However, resistance around $1.65 and $1.69 still needs to be cleared.
Weekly moving averages leave room for deep pullbacks
On the weekly chart, analysts see the clearest dividing line. XRP has been constrained by the 50-week exponential moving average (EMA) for seven consecutive weeks, while the rising 20-week EMA has played a supporting role.
According to its analysis, if we can continue to break through the 50-week EMA, especially if the closing price is higher than the moving average for multiple weeks, the bullish pattern will be further consolidated. He also pointed out that US$1.35 is the near-term weekly support, and once the 20-week EMA support is lost, prices may launch a deeper correction towards the US$1.20 to US$1.10 region.
Broader market data has also added to the situation: About 1.6 billion XRPs have flowed into the Binance Exchange in the past 30 days, the highest inflow since March this year. Although these transfers do not directly represent selling, continued exchange inflows may increase selling pressure in the context of weaker prices.
At the same time, the cumulative net inflow of XRP spot ETFs has reached US$1.79 billion as of October 6, of which a net inflow of US$3.14 million was recorded on October 6 alone.
