- Analyst Ali Martinez notes XRP was rejected at $3.08, making the immediate $2.83 support level critical
- A symmetrical triangle pattern points to a potential breakout to $4.00 if the final $2.78 support holds
- The XRP price is at a weekend showdown, with this key level deciding the market’s direction for September
XRP is trading at a critical decision point as selling pressure pins the price against key support levels. The asset briefly tapped $2.83 this week, aligning with projected levels from market analysts, before facing renewed selling pressure.
After a failed attempt to break $3.08, the token has pulled back to a crucial zone that analysts say will determine its next major move. The key question now is whether bulls can hold the line or if sellers will push the price into a steeper decline.
Analyst: Rejection at $3.08 Puts $2.83 Support in Focus
The current battle started when XRP tested resistance at $3.08 and was firmly rejected, according to analyst Ali Martinez. That failure sparked a pullback that confirmed $2.83 as the immediate, must-hold support zone.
This confirmed the importance of the $2.83 area as a key support zone. A breakdown below this level could open the door to deeper losses, as bears remain active. The chart pattern so far suggests a bearish continuation unless buyers manage to reassert control.
Related: XRP Rich List Update Reveals Shockingly Low Entry for Top 10 Percent
XRP’s Symmetrical Triangle: Is a Breakout to $4.00 Still Possible?
A second analyst, X_Four_iv, notes that XRP is trading inside a large symmetrical triangle, with the absolute last line of defense for bulls at the $2.78 support level.
According to his view, if buyers can protect this zone, a rebound toward $3.20 is the first target.
With a surge in volume, a true breakout from the triangle could even send XRP toward price targets of $3.60 to $4.00. However, a failure to hold $2.78 would likely invalidate this bullish setup and accelerate a decline toward $2.58 or lower.
What Are the Technical Indicators Signaling for XRP?
The technical indicators reflect the market’s current indecision:
1. The MACD shows that bearish momentum is still present, but the histogram suggests it is weakening, which could hint at an upcoming reversal.
2. The RSI is hovering at a neutral 46.98. This reading shows the market is neither overbought nor oversold, leaving plenty of room for a decisive move in either direction once a trend is established.
XRP Weekend Showdown at $2.83 to Decide September’s Fate
As of this writing, the market has reached its decision point. XRP is trading at exactly $2.83, the critical support level analysts have been watching all week.
XRP price is now down 2.5% on the day and nearly 7.5% for the week. With its market capitalization holding at $168 billion, the next move from this precise level will likely determine if a bullish rebound is in as September starts.
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Source: https://coinedition.com/xrp-price-defends-final-2-78-support/