Key Points:
If the support level of $2.95 holds, XRP bulls aim for a target of $4.40–$5.80.
Losing $2.95 could lead to a deeper pullback to $2.40.
XRP has dropped over 20% since peaking near $3.66 last month, including a new decline of 4% in the past 24 hours, dragging it below the critical psychological level of $3.
Can it regain $3 as support and then continue to rise? Let's see what XRP analysts have to say.
According to Elliott Wave analyst Avi Harkishun, XRP's chart indicates that if it can maintain support around $2.95, a rebound to $4.00–$4.40 is possible.
Historically, the $2.95 area served as resistance during the mid-2021 rebound and became support after XRP broke through earlier this year.
The target area of $4.00–$4.40 aligns with the 1.618 Fibonacci retracement level, measured from XRP's peak near $3.38 to its low of about $1.61.
Several chart analysts, including the anonymous analyst ThePenguinXBT, believe these high targets present "good long-term opportunities."
XRP's current bullish flag pattern further suggests a potential breakout to $4.40, with a technical bullish target of around $4.62, as shown in the chart below.
Another bullish signal comes from chart analyst AltcoinGordon, who pointed out a classic cup and handle pattern on XRP's daily chart.
The chart shows XRP entering the handle phase of the pattern, where the price consolidates in a narrow range after experiencing a U-shaped recovery. Technically, XRP's consolidation may signal a breakout above the neckline of the cup and handle pattern, around $3.80.
Based on the depth of the cup's bottom, the target price is close to $5.80, representing an increase of about 90% from current levels.
A price drop below $2.95 could complete what Elliott Wave analysts refer to as a "WXY correction," according to Harkishun.
The WXY correction is a longer pullback pattern where the price declines in three connected waves rather than rebounding quickly.
This could extend XRP's decline to $2.40, a level consistent with significant trading activity from 2020–21 and aligning with the 200-day exponential moving average (200-day EMA; the blue wave in the chart below).
This makes $2.40 a logical support buffer in a bearish scenario, where a rebound could occur.
Related: Willy Woo: Early whales are the culprits behind Bitcoin (BTC) "painful rallies"
Original: “XRP Price Fails to Break $3 Mark: Is a Breakout Still Possible?”
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