Ripple Coin: XRP Price Analysis and Prediction, Can It Break $1?

Bittime - XRP, known as Ripple coin, is currently facing challenges at the key support level around $0.50. Recent analysis suggests there is a possibility of recovery, although the risk of further decline remains. The question that arises is, can XRP break the $1 mark in the near future?

XRP Price Analysis

After experiencing significant price variations, XRP jumped from $0.38 at the beginning of July to $0.66 at the end of the same month. However, currently, XRP price is again consolidating around the $0.50 support level. The latest chart shows a symmetrical pattern indicating a possible breakout at the top. This means both an upward breakout and a further decline are still possible.

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Since the attempted breakout on September 29, where the price hit $0.66, XRP saw a decline to $0.58 and then back to $0.50 on October 3. This creates doubts about the bullish outlook for XRP. On October 25, the price of XRP even briefly fell below $0.50, increasing downward pressure.

Potential Price Increase

The $0.50 support level plays an important role in the XRP price movement. However, a descending channel formed since July indicates a risk of further downside. Currently, XRP is trading around $0.52 and showing stability after a slight rebound.

There is hope that continued support around $0.50 may ease the pressure from sellers, but it remains to be seen if this has been the case since October 25.

XRP Price Prediction

Analysis on the 4-hour chart shows that a possible recovery could be followed by a further decline. After an initial spike to $0.64 between July 5 to 17, XRP experienced a sharp decline to $0.43, triggering a corrective wave ABC.

The recent breakout failure indicates a possible second ABC wave, with a third wave possibly emerging soon. The low on October 3 likely marks the end of wave A, where a wave B recovery is anticipated before a final decline towards around $0.44. If this happens, then the correction will end and pave the way for the next bullish phase.

While there is a chance of a short-term recovery towards $0.60, a further decline towards $0.44 is also possible before the correction ends. Once this pattern is confirmed, XRP could gear up for a new rally targeting the $0.80 level and eventually reaching $1.

With various analyzes and predictions circulating, attention is now focused on how the price of XRP will move in the cryptocurrency market and whether it can create momentum to reach higher levels.

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