A sharp weekend decline has almost erased the September bull run, sending XRP below $3 and shaking bullish XRP price predictions.
The altcoin is down over 11% as market participants appear to sell-the-news on the first spot XRP ETF launch, compounded by a broader market pullback to start the new week.
Yet, the U.S macro narrative still favors bulls. September inflation has cooled to 2.18%, strengthening the case for continued interest rate cuts.
With markets pricing in another 0.50% of easing before year-end, macro conditions provide a strong backbone for XRP’s bull run to resume.
XRP Price Analysis: Has the Bull Run Been Derailed?
The weekend decline marks a false breakout from a 3-month bull flag pattern, delaying a continuation of XRP’s July bull run.
A double top pattern has affirmed the historically significant $3.10 level as resistance, triggering a correction back to $2.70.
This aligns with the lower boundary of the flag’s consolidation, confirming the bullish setup remains valid with a bounce back to $2.80 today as buy pressure shows its cracks.
The RSI has reached deep oversold conditions at 20, typically an indication of seller exhaustion. Notably, the last time the RSI reached these lows, a sharp buyback sparked the June bull run.
And with the MACD histogram showing a sharp spike after nearing a golden cross, today’s sell-off could be a liquidation event rather than the start of a sustained downtrend.
If buyers mount another breakout attempt, $3.10 is the key level to flip into support. Success would confirm a lasting breakout and set sights on the flag’s $5 target for a 70% move.
With further U.S. rate cuts and ETFs stacking as catalysts, the rally could even extend to $10 for a 255% move as the bull market matures.
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