XRP slipped to $1.46 early Wednesday, following another failed attempt to overcome resistance in the $1.52 to $1.55 range. The cryptocurrency, which has seen repeated rebounds from this zone
XRP slipped to $1.46 early Wednesday, following another failed attempt to overcome resistance in the $1.52 to $1.55 range. The cryptocurrency, which has seen repeated rebounds from this zone in recent sessions, faced renewed selling pressure as buyers continued to struggle against a heavy supply overhead.
On Tuesday, XRP climbed to $1.523 before sellers blocked further advances, mirroring a similar rejection at $1.55 on October 2. Each rally into the $1.52 to $1.55 band has been met with robust profits-taking, preventing sustained upside moves.
Market technician Peter Brandt commented that large quantities of supply remain in this region, making it difficult for buyers to accumulate enough momentum for a breakout.
Brandt argues that a major hurdle exists between $1.52 and $1.55 and sees a potential chart objective at $2.16 if buyers can gather strength, though he described the current setup as incomplete and cautioned that more consolidation may be needed before a stronger move develops.
Despite recent setbacks, Brandt has not ruled out a bullish scenario for XRP, but he emphasized that clearing out the entrenched seller presence is crucial. Until then, repeated rejection at resistance suggests sellers retain control in this zone.
XRP has mostly traded between $1.45 and $1.55 in recent weeks, making the lower bound an increasingly important test for bullish sentiment. The token dropped to $1.45 during Wednesday’s decline, revisiting a level where buyers have historically stepped in to halt further losses.
Analyst John Isige from FXStreet cautioned that extended resistance at the top of the trading band may exhaust buyers, raising the risk of profit-taking and renewed downward momentum.
Isige noted that persistent caps on the upside could wear on buying interest, increasing pressure on support and potentially prompting a deeper correction if $1.45 fails.
Technical indicators now focus on the 50-day exponential moving average around $1.40, followed by the 200-day EMA at $1.38, and the 100-day EMA at $1.33. Sustained trading below $1.45 would likely bring these zones into play as potential new support levels.
Support Level Approximate Price Type First $1.45 Horizontal support Second $1.40 50-day EMA Third $1.38 200-day EMA Fourth $1.33 100-day EMADespite current weakness, not all analysts have dismissed the possibility of a bullish reversal. Crypto analyst Ali Martinez suggested that a four-hour close above $1.53 could mark a breakout and set the stage for a rapid move to $1.62, giving traders a clear upside target to monitor.
So far, XRP has remained range-bound. The ongoing lack of confirmed breakout or breakdown keeps the technical outlook neutral, but the burden of defense is now falling more heavily on buyers.
Several potential catalysts remain on the horizon. Evernorth, a digital asset and blockchain company, is scheduled to begin Nasdaq trading under the XRPN ticker on October 8. In addition, two XRP Ledger protocol upgrades could activate around the same date, provided there is sufficient validator participation.
However, analysts cautioned that these events will only have a lasting impact if they result in renewed buyer demand capable of overcoming strong resistance above $1.50.
Until then, XRP’s price action continues to be limited by repeated rejection at resistance and the threat of a shift to lower support zones if current levels give way.
Mini dictionary: Evernorth, a blockchain and digital assets company, is expected to go public on Nasdaq under the ticker XRPN, providing infrastructure and services for digital asset trading and custody.
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