Key Points:
XRP price relies on the $2.75 support level and faces the risk of dropping to $2.07.
The rising NUPL signal indicates increased profit-taking, suggesting that $3.18 may be a local high.
Some analysts insist that the macro layout for XRP remains bullish, with price targets exceeding $5.
On Monday, XRP showed a downward trend, with a 5% drop in the past 24 hours, trading at $2.80. The failure to hold the $3 mark raises doubts about the upward trend of this altcoin at least in the short term.
On the daily chart, XRP is forming a classic descending triangle pattern, a bearish continuation pattern characterized by a downward sloping resistance trend line and a flat horizontal support line.
If the daily close breaks below the triangle's support trend line, it could trigger a new wave of selling, with a technical target near $2.07, calculated by adding the height of the triangle to the potential breakout point (around $2.75).
This movement would imply a 26% drop from the current price.
XRP is currently trading below the 50-day simple moving average (SMA, yellow wave) and the 100-day SMA (red wave), further reinforcing the bearish tendency.
The 200-day SMA at $2.52 may provide bulls with a breathing opportunity, preventing further retracement to $2.
The relative strength index (RSI) has dropped from 50 to 39 in the past 24 hours, indicating that downward momentum is strengthening.
The net unrealized profit/loss (NUPL) indicator for XRP is also flashing warning signals. This indicator is currently in the 0.5-0.6 range, a level historically associated with local tops.
At the current price, over 94% of the supply is in profit, which may lead to increased selling pressure. Similar situations in January 2017, 2021, and 2025 were accompanied by severe corrections, increasing the likelihood of a similar pullback in the coming days.
Despite the current price pullback, analysts remain confident that XRP bulls still firmly control the market trend over longer time frames.
As reported by Cointelegraph, the weekly candlestick chart shows that XRP's price trend remains strongly bullish, with the bull flag pattern formed since November 2024 indicating that XRP price is expected to rise to $15.
Cryptocurrency analyst CryptoBull has identified a similar technical pattern, predicting that XRP price may break through to the $5 level in October.
"While short-term time frames need close monitoring, the trend direction in the long-term time frame remains clear," analyst Egrag Crypto noted in an analysis published on X platform on Monday, indicating that the current price pullback may only be a technical adjustment.
Egrag shared a monthly chart analysis showing that XRP is forming an ascending triangle pattern, with a price target expected to reach $27.
In previous market analysis, XForceGlobal stated that the macro market outlook for XRP remains bullish, with Elliott Wave Theory analysis predicting that XRP's cycle high will break through $20.
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This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Will XRP Price Crash Again After Falling Below $3?”
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