XRP looks like it has finally found its momentum after weeks of fakeouts and a continuously trading downside. Currently, XRP was trading at $2.85, which is still about 25% below its all-time high, but signs now suggest a possible recovery.
This downtrend started on July 22 after the price was $3.6. Since then, it has been consolidating downwards. On August 26, the market broke its $3 key level and dropped from $3.06 to $2.73, which is its lowest level it has been in recent weeks.
On the 4 hour chat, XRP has been forming a descending triangle pattern that kept it pinned down for days. The token reacted off a strong support zone at the same level and gave a push to the upside. This push together with the recent change in character signals that there might be a breakout soon.
Moreover, the Moving Average Convergence Divergence (MACD) indicator is showing a bullish outlook. The 12-day exponential moving average (EMA) crossed above the 26-day EMA, which traders often read as a shift toward upside momentum in the short term.
If the trend keeps up, XRP could test resistance at $2.86, a level that has capped price action recently. Breaking past that point might open the way for a return to $3.06.
Meanwhile, the altcoin is still trading far below their peak. Analysts say that the current momentum needs support from strong trading volume to reclaim lost grounds. If not, the price could dip even further, possibly down to $1.97 which is the next support level.
But at this stage, XRP’s story is still unfolding. September could prove to be a key month in shaping its short-term direction, even though history says otherwise.
Crypto analyst Ali chart also predicts simmilar outlook in an X post. “$XRP must hold $2.74 support! Lose it, and $2.35 could be next” he tweeted.
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