XRP Bulls and Bears Clash as Price Struggles to Clear Key Support
After hitting $1.66 on September 23, XRP has been trading near $1.4793, down 2.45% today and lower for a third straight session. The cryptocurrency is still holding above its support level of $1.37, which is also the confluence point of the 200-day EMA ($1.3683) and the 50-day EMA ($1.3605). This level has about $0.11 of cushion above it, and XRP is still trading above the 20-day EMA at $1.4515.
Analysts believe that if XRP can clear the neckline area around $1.55, it could move toward $2, roughly 30% higher. However, a bearish scenario suggests that if XRP loses the 20-day EMA and the Parabolic SAR at $1.4157, it could slide toward $1.3683.
US spot XRP ETFs have seen an 11th consecutive week of inflows, adding $75.59 million last week and bringing cumulative net inflows to $1.79 billion. Peter Brandt has also mentioned that the charts alone justify owning XRP, with a long-term projection of $5.40.