XRP Cannot Exceed 3 USD: Is a Breakthrough Possible?

XRP has fallen over 20% since reaching a peak of nearly $3.66 in July, including a 4% decrease in the past 24 hours that brought the price below the important psychological level of $3.

Will XRP be able to regain the support level of 3 dollars and continue to rise afterwards? Let's see what XRP analysts have to say. XRP Aiming for the Level of 4.40 USD According to Elliott Wave analyst Avi Harkishun, the XRP chart indicates that the price could recover to the range of $4.00–$4.40, provided that the price can maintain support around $2.95.

The $2.95 zone served as a resistance level during the recovery in mid-2021 and then became a support level after XRP broke out earlier this year.

The target range of $4.00–$4.40 aligns with the Fibonacci retracement level of 1.618, measured from the highest point of XRP near $3.38 down to the lowest point around $1.61.

Many analysts, including the anonymous analyst ThePenguinXBT, view these high targets as "a good long-term opportunity."

The prevailing bullish flag pattern of XRP continues to imply a breakout towards the $4.40 level, with a technical price target of around $4.62, as shown in the chart below.

XRP Chart and Handle Heading Towards 5.80 USD Another bullish signal comes from chartist AltcoinGordon, who highlights the classic cup and handle pattern on the daily chart of XRP. The chart shows that XRP is entering the handle phase of the pattern, as the price accumulates within a narrow range after experiencing a U-shaped recovery. Technically, the accumulation of XRP may occur before breaking above the neckline of the cup and handle pattern at around $3.80.

Based on the movement level measured from the depth of the cup, the projected target will be around $5.80, marking an increase of about 90% compared to the current level. XRP Must Hold Support Level 2.95 USD According to Harkishun, the price falling below $2.95 could complete what Elliott Wave analysts call a "WXY correction."

The WXY adjustment is a longer retracement pattern, in which the price falls in three linked waves instead of recovering quickly. This could extend the fall of XRP to the level of $2.40, a level that coincides with strong trading activity from 2020–21 and aligns with the 200-day exponential moving average (EMA 200 days; the blue wave in the chart below).

This makes the $2.40 level a reasonable support threshold in a bearish scenario, as the chances of recovery are very high.