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As September opens, XRP finds itself in one of the narrowest trading corridors it's seen in months. The token's been bouncing between $2.74 and $2.90 since mid-August, and right now, it looks like that's the breaking point between a return to growth or more losses.
At the heart of this setup is $2.74. That support line has held up through every dip over the past three weeks, keeping XRP buyers there afloat. Unfortunately, each test made the line more fragile.
At the same time, sellers have banded together near $2.9-$3, turning that range into a ceiling the coin can't break. The market's tightness has left XRP at $2.81, with both sides just a few cents apart.
Once the $2.74 floor finally breaks, it's pretty much downhill from there: $2.68 first, $2.56 after and $2.35 as the deeper test. That stretch would show a drop of more than 16% from current levels, completely erasing the late-August rebound.
Anything for XRP bulls?
There's another option, but it's just as challenging, though more bullish: hold steady at $2.74, break through $2.90 and go for $3.00 and $3.18 again. Those levels haven't been touched since early August.
The chart doesn't give much room for patience. Since mid-August, a descending trendline has kept the XRP price from going up, pushing it closer to its support level. With the wedge almost played out, a big move is now unavoidable, and it'll probably set the tone for how XRP spends September: either holding the low $2s or trying again to get back to the $3 zone.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team