A well-known market analyst has identified the level XRP must not drop below to maintain its overall bullish structure.
For context, XRP has been under heavy selling pressure in recent weeks, collapsing alongside the broader crypto market. After peaking at $3.18 on Sept. 13, XRP lost momentum and eventually fell below the key $3 threshold on Sept. 21.
XRP Must Maintain This Level
As this downtrend persisted, XRP touched the $2.70 low, a level last seen in mid-July. However, since this bottom, the altcoin has staged a slight recovery and now trades around $2.78, though risks of another pullback remain.
Amid the mild recovery, analyst Dark Defender believes XRP has already completed an ABCDE wave correction on the daily chart. He acknowledged that some indicators still flash bearish signals but argued that today’s market looks very different from the conditions in 2017 and 2021.
Notably, he expects XRP to remain in a consolidation zone between $3.333 and $2.64, with $2.64 acting as a crucial line of defense. If buyers protect this level, he sees no barrier to XRP eventually moving toward double-digit prices.
Interestingly, another market watcher, EGRAG Crypto, identified the lower end of this range in a previous analysis last month as XRP traded for $3 amid another downtrend. According to EGRAG, XRP price action is all noise until it either rises above $3.65 or slips below $2.65.
Previous XRP Analysis
For context, Dark Defender’s latest analysis builds on his earlier report from earlier in the month, where he highlighted support at $2.85 and a nearby trendline at $2.80. Back then, he explained that XRP had finished an ABC correction but was evolving into a larger ABCDE pattern.
He said the token had already completed its A, B, and C waves and was now forming the D and E waves. Instead of a steep collapse, he preferred to see sideways consolidation, which he considered healthier for the market.
Also, the analyst noted the daily Relative Strength Index (RSI) as evidence that XRP needed more time to reset before it could build fresh momentum.
To him, the $2.85 support had been holding strong for weeks, confirming the idea that XRP’s bullish structure remained intact. He also reminded traders that November has often delivered strong gains for the token in past cycles.
XRPBTC Pair Maintains Support
As the recovery gains steam, another analyst, Cryptobilbuwoo, has expressed greater optimism, citing XRP’s chart against Bitcoin. Specifically, he argued that the XRPBTC pair has already entered a positive zone and is preparing for a rally.
He noted that it broke above the 200-week exponential moving average (EMA), which had long acted as resistance, and now uses it as support. For context, XRPBTC broke this level as far back as July, and still trades above it. With the pair at 0.00002543, the 200W EMA sits at 0.00002127.
Meanwhile, Cryptobilbuwoo also observed that XRP is resting just below a major resistance level on the Wyckoff Accumulation chart, a setup that often precedes a breakout.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
