According to data from crypto.news, XRP was last trading at $2.86 on Wednesday, Oct. 8, down 4.5% over the past 24 hours and nearly 20% below its year-to-date high of $3.56 reached in July.
The recent decline came amid a broader market sell-off, fueled by the ongoing U.S. government shutdown and profit-taking by investors. Bitcoin, the market leader, fell below the $122,000 support level, dropping 2.5% in the past 24 hours. Ethereum slid 5.5%, while other major altcoins—including XRP, Solana, Dogecoin, and TRON—saw losses between 4% and 8% as bearish sentiment spread across the crypto market.
XRP also faced additional pressure following a $605.9 million liquidation sweep across the crypto market yesterday, mostly from long positions. Forced closures of longs often trigger cascading sell-offs, pushing prices lower across multiple cryptocurrencies.
Despite this recent pullback, XRP’s technical setup hints at a potential reversal. Chart indicators suggest the token may be on the verge of confirming a bullish reversal pattern, which, if validated, could set the stage for a strong rebound in the days ahead.
XRP Price Analysis
On the daily chart, XRP has been trading within a descending triangle pattern forming since early July. This setup, marked by a series of lower highs converging toward a flat support zone, indicates that sellers have largely dominated price action over the past few months—but a breakout could signal a shift in momentum.
While descending triangles are generally seen as bearish continuation patterns, a breakout above the upper resistance line can signal a bullish reversal, indicating that momentum may be shifting from bears to bulls.
As of press time, XRP was trading about 5% below the critical breakout level at $3. A move above this level would confirm the reversal, provided buyers can sustain momentum past the resistance.
Momentum indicators, including the MACD and RSI, currently sit near neutral levels, suggesting that some consolidation could occur before any breakout attempt.
The immediate resistance for XRP lies around $2.90, coinciding with the 61.8% Fibonacci retracement level. A confirmed breakout above $3 could pave the way for a rally toward $3.93, a target derived by projecting the height of the triangle from the breakout point.
Market sentiment around XRP has turned positive, a notable shift from the negative mood seen just a day earlier. This renewed optimism is likely fueled by anticipation of the first spot XRP ETF approval, expected once the U.S. government shutdown concludes.
So far, at least seven ETF issuers—including Grayscale and 21Shares—have filed to launch XRP-based products. The latest application came from GraniteShares, which filed for a 3x XRP ETF on Oct. 7.
