XRP price fails to overcome $3: Is a breakout still possible?

Key takeaways:

• XRP bulls are targeting $4.40–$5.80 if $2.95 support holds.

• Losing $2.95 risks a deeper correction toward $2.40.

XRP (XRP) has tumbled more than 20% since peaking near $3.66 in July, including a 4% drop in the past 24 hours that dragged it below the crucial $3 psychological mark.

Can it reclaim $3 as support and continue rallying afterward? Let’s check what XRP analysts are saying.

XRP price eyes rebound toward $4.40

XRP charts suggest that a rebound toward $4.00–$4.40 is possible, provided it can hold support around $2.95, according to Elliott Wave analyst Avi Harkishun.

The $2.95 zone acted as resistance during the mid-2021 recovery and later became support after XRP’s breakout earlier this year.

The $4.00–$4.40 target zone aligns with the 1.618 Fibonacci retracement level, measured from XRP’s swing high near $3.38 down to its swing low around $1.61.

Multiple charists, including pseudonymous analyst ThePenguinXBT, view these range-high targets as a “good long opportunity.”

XRP’s prevailing bull pennant pattern further hints at a potential breakout toward $4.40, with a technical upside target around $4.62, as shown in the chart below.

XRP’s cup-and-handle points to $5.80

Another bullish signal comes from chartist AltcoinGordon, who highlights a classic cup-and-handle formation on XRP’s daily chart.

The chart shows XRP entering the pattern’s handle stage, when the price consolidates in a tight range after undergoing a U-shaped recovery. Technically, XRP’s consolidation could precede a breakout above the cup-and-handle’s neckline at around $3.80.

Based on the measured move from the cup’s depth, the projected target stands near $5.80, marking about a 90% gain from current levels.

XRP must hold $2.95 support

A price drop below $2.95 could complete what Elliott Wave analysts call a “WXY correction,” according to Harkishun.

A WXY correction is a longer pullback pattern where price drifts lower in three connected waves instead of bouncing quickly.

Related: XRP’s price downtrend could continue: Here’s 4 reasons why

That could extend XRP’s decline toward $2.40, a level that coincides with heavy trading activity from 2020–21 and aligns with the 200-day exponential moving average (200-day EMA; the blue wave in the chart below).

That makes $2.40 the logical support cushion in a bearish scenario, where a bounce is likely.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.