TLDR:
- XRP needs a four-hour close above $1.53 to confirm the breakout, with $1.62 as the first upside target.
- XRP briefly reached $1.55 on October 2, but failed to hold above $1.53, leaving breakout confirmation pending.
- More Crypto Online marks $1.67, $1.93 and $2.25 as key resistance levels in the broader Elliott Wave setup.
- XRP’s wider Fibonacci setup places the final target zone at $2.14-$2.99 if the five-wave advance completes.
XRP is approaching a closely watched technical threshold as narrowing price action puts a four-hour close above $1.53 at the center of the market setup. As of press time, the token traded near $1.50 on October 4, gaining about 1% over 24 hours.
Similarly, CoinGecko data showed an intraday range near $1.49 to $1.51. However, XRP’s price remained below resistance established during September’s rally, leaving the immediate breakout case unconfirmed. As a result, attention now centers on whether buyers can sustain XRP above the crucial $1.53 level.
XRP Breakout Hinges on a Four-Hour Close Above $1.53
Analyst Ali Martinez identified a contracting triangle on the four-hour chart, with XRP’s price compressing between descending resistance and rising support near the pattern’s apex. Martinez said confirmation requires a four-hour close above $1.53.
If that occurs, his first identified upside target sits at $1.62. That level would represent roughly 8% upside from the $1.50 area. Nonetheless, the confirmation requirement matters as price has already briefly traded above $1.53.
XRP reached about $1.55 on October 2 before retreating. That move failed to establish sustained control above the breakout level. Therefore, another intraday move through $1.53 would not independently confirm the pattern.
Buyers would also need to preserve the breakout through the four-hour closing period. However, triangle formations can resolve in either direction, so the narrowing range itself does not establish a bullish outcome. Instead, the closing threshold remains the defining technical signal.
Martinez also reported that large holders showed no significant change in their XRP positions during the previous week. That left whale activity relatively inactive during the compression.
Elliott Wave Structure Maps Resistance Toward $2.99
A broader chart from More Crypto Online places the short-term breakout within a larger Elliott Wave structure beginning near the August low around $0.985. The analysis treats the recovery from that low as potentially impulsive.
However, the bullish structure requires a complete five-wave advance rather than a three-wave rebound. Under that framework, XRP would first need to preserve support and clear nearby resistance levels.
The chart identifies $1.67 as an important hurdle. Further levels appear near $1.93 and $2.25 if the wave sequence develops. Its wider Fibonacci structure places an additional target zone between roughly $2.14 and $2.99.
The same analysis previously marked $1.10 to $1.38 as key support, while $0.985 served as the broader invalidation reference. This creates a layered technical sequence rather than one direct target. Each higher level depends on price completing the structure outlined by the analysts.
That ordering keeps the immediate $1.53 trigger separate from longer-range targets dependent on additional confirmations. For now, the sequence remains straightforward. XRP must first secure a four-hour close above $1.53, then challenge $1.62 before higher targets become technically relevant.
The post XRP Price Nears Breakout as $1.53 Trigger Opens Path Toward $2.99 appeared first on Blockonomi.
Â
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.