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XRP price analysis: bearish breakdown or bullish rebound ahead?
XRP has slipped below a critical support band between $2.9599 and $2.9995, raising the risk of a deeper pullback toward the early August and May highs. While the token is attempting to stabilise around its 55-day SMA, bulls must reclaim higher August peaks to put the July high back in view.
XRP finds support
XRP bearish case:
XRP's fall through its $2.9599 to $2.9995 support area, consisting of the 24 July low and June to August uptrend line, may lead to the early August low at $2.7284 being reached.
Failure there would probably provoke further downside towards the May peak at $2.6542.
XRP bullish case:
XRP is trying to level out around the 55-day simple moving average (SMA) at $2.9020.
While it remains supported by the early August low at $2.7284, the medium-term uptrend remains intact with the 15 August low at $3.0049 representing its first minor upside target, together with the 16 August high at $3.1576.
A rise above the next higher current August high at $3.3826 is needed, though, for the July peak at $3.6614 to be back in sight.
XRP/USD daily candlestick chart
XRP data chart
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