 
 
Despite anticipation surrounding spot exchange-traded funds (ETFs), Federal Reserve Chairman Jerome Powell’s tone shifting from hawkish to dovish, and XRP reaching a new all-time high, the cryptocurrency has slipped 6.4% over the last 30 days. At just above $2.77, the Ripple-affiliated cryptocurrency has also declined by about 24.1% since reaching its new peak of $3.65 on July 18.
Last month, Federal Reserve chair Jerome Powell, perhaps surprisingly, firmly put a September rate cut on the table, sparking positive expectations among investors. Cheaper borrowing costs are considered a boon for risk markets, cryptocurrencies among them. While short-term volatility remains likely amid the monetary easing hopes, the broader structure suggests bullish continuation into Q4.
Is XRP Headed For $3.70?
After five straight days of losses at August’s close, XRP recovered from a low of $2.70 on the first day of September.
According to well-followed crypto analyst Ali Martinez, the $2.70 level remains key for XRP’s bullish breakout in these new months. In his latest post on X, the pundit outlined a technical setup that projects a possible rebound if the support at $2.70 holds.
He captioned an XRP price chart, which shows that the cross-border payments token has been forming a descending triangle pattern on its daily chart since its July surge to its current record high, marked by a flat support level and a downward-sloping resistance line.
 
A descending triangle chart formation that materializes after a parabolic rally is deemed a bearish reversal indicator. In technical analysis, the pattern resolves when the price breaks below the flat support level and slumps by as much as the triangle’s maximum height.
The bulls are striving to hold XRP’s price above the triangle’s support line at the $2.70 mark. Should they be successful, then the price could soar to breach the upper trendline at $2.90. Such a move would coincide with the 50-day simple moving average (SMA) and the 0.618 Fibonacci retracement level.
As Ali suggests, this would confirm bullish momentum and potentially spark a strong upsurge toward the apex of the current chart pattern around $3.70.
Source: https://zycrypto.com/ripples-xrp-at-make-or-break-moment-that-could-spur-maga-xrp-rocket/