Saad Ullah
XRP (Ripple) is trading within a tight range around $2.75, a price point that has emerged as crucial for determining the token's near-term direction. Market participants are closely monitoring this level to assess whether buyers can maintain control or if sellers will push the price lower in the coming sessions.
XRP Consolidation Around $2.75
Analyst Cheds Trading recently highlighted that XRP has entered a consolidation phase with its price stabilizing near $2.75.
The daily chart reveals the token trading within a descending triangle pattern, repeatedly testing support in the $2.70–$2.75 range while encountering resistance around $3.00–$3.10. This pattern developed after XRP climbed above $3 earlier in the summer before selling pressure returned. A downward sloping resistance line continues to limit upside attempts, reflecting cautious market sentiment.
Technical Levels and Price Action
The $2.70–$2.75 zone represents the immediate support level. A decisive close below this range could send XRP toward $2.50 or potentially the 200-day moving average near $2.40. On the upside, the $3.00–$3.10 area remains the key resistance barrier where previous rallies have stalled.
Short-term exponential moving averages are flattening, indicating market indecision, while the 200-day simple moving average continues trending upward, suggesting the long-term structure remains constructive. Trading volume has declined during this consolidation period, which often precedes larger price movements.
What's Driving Current Price Action
Several factors are influencing XRP's current trading behavior. Ongoing developments in Ripple's legal proceedings with U.S. regulators continue to shape investor sentiment. October has seen lighter trading volumes across cryptocurrency markets, which can amplify price reactions to larger orders.
XRP maintains significant attention among altcoins due to its established role in cross-border payment infrastructure. If XRP successfully defends the $2.75 support zone, it could build momentum for another attempt at the $3.00–$3.10 resistance area. However, a breakdown below current support levels risks triggering a deeper correction. For traders, this range presents both opportunity and risk, making careful position management essential as volatility appears likely.
Saad Ullah
