XRP has faced increased downward pressure in the last 24 hours, dipping 1.59% to $2.6176. The token opened at $2.6599, peaked at $2.6699, and then retraced. Trading volume hit 115.35 million XRP, signaling cautious sentiment among market participants.
Key Technical Indicators and Market Insights
The TD Sequential indicator triggered a bearish signal, suggesting a potential short-term pullback. According to analyst Ali Martinez, the ‘TD Sequential 9’ often predicts trend exhaustion. If selling pressure persists, XRP might test support at $2.50 or even $2.35. Conversely, if the token invalidates the bearish signal, it must break above $2.80 to challenge the $3 resistance.
The 50-day EMA at $2.5880 currently acts as a dynamic support level. Meanwhile, the 200-day EMA at $1.7335 provides longer-term stability. The Relative Strength Index (RSI) hovers near 48, indicating neutral momentum. Consequently, XRP could break in either direction depending on market sentiment.
Historical Patterns Resurface: XRP Mimicking 2017 Breakout
Despite the bearish signals, analyst Dark Defender believes XRP retains its bullish long-term setup. The token’s recent movements mirror its 2017 breakout pattern, where it cleared key resistance levels before skyrocketing. XRP’s price has already surpassed the $0.8462 mark, aligning with the 70.7% Fibonacci retracement level. If history repeats, the next targets could be $3.8577 and $5.8554.
Potential Catalysts for Future Price Movements
Regulatory developments continue to influence XRP’s outlook. The SEC’s ongoing legal battle with Ripple remains a critical factor. A favorable resolution could trigger a rally. Additionally, the SEC recently acknowledged applications for a spot XRP ETF, with a decision expected by October 2025. Approval could attract significant institutional investments.
The broader cryptocurrency market also affects XRP’s performance. When Bitcoin and Ethereum rally, XRP tends to follow. Therefore, macroeconomic factors like inflation reports and interest rate decisions may impact future movements.
Evaluating XRP’s Price Targets
The immediate focus lies on the $3 resistance. If XRP maintains its position above the 50-day EMA, it might push higher. However, a break below $2.50 could trigger further losses. If the bullish pattern from 2017 holds, the long-term target of $5.8554 remains plausible.
Read Also: XRP Dips Below $2.70 as Centralization Debate Escalates—What’s Next?
In conclusion, XRP’s price currently hovers below $3, navigating mixed signals. The bearish TD Sequential indicator suggests potential declines, while historical patterns hint at substantial long-term growth. Traders should watch the $2.50 support and $3 resistance closely as market sentiment evolves.
