XRP Approaches Key Breakout, Analysts Predict Rise to $2

XRP continues to trade within a narrow range of $1.46 to $1.56, but according to an analyst, a breakout to a more significant move might be possible. If the token can break through resistance and hold it, the analyst predicts a bullish trend with a rise to $1.80-$2. However, if the price falls below support, XRP could drop to the lower boundary of $1.30 or worse.

In a video published on October 7, analyst ChartNerd described the current structure of XRP as neutral, with the price squeezed between descending resistance and horizontal support. The token was trading at $1.47 at the time of writing, down 1.5% over 24 hours and nearly 2% over seven days, although its 30-day performance is still positive at around 5%. Trading volume increased by nearly 32% to $2.14 billion over the past day. ChartNerd's bullish outlook is based on the low level of September 16, around $1.25, and the high level of $1.69-$1.70 for the Fibonacci level. A successful breakout could lead to targets of $1.80 and $2, with the possibility of further growth to $2.05. However, resistance at $1.65 and $1.69 still needs to be overcome.

On the weekly chart, the analyst sees a clear boundary as XRP remains under pressure from the 50-week EMA for seven weeks, while the rising 20-week EMA acts as support. He noted that sustained movement above the 50-week EMA, especially with several closes above, would strengthen the bullish setup. Meanwhile, $1.35 is immediate support for the week, and losing the 20-week EMA could lead to a deeper drop to levels of $1.20-$1.10. Data on the broader market also adds complexity, as around 1.6 billion XRP have been transferred to Binance over the past 30 days, the highest inflow since March. These transfers do not prove sales, but continued inflows to the exchange amid weakening prices could create additional pressure. As of October 6, XRP ETFs have registered $1.79 billion in cumulative net inflows, including $3.14 million just for that day.