XRP Price Remains Neutral Below $0.60 Amid Bitwise ETF Filing and SEC Appeal Deadline
Anjali Belgaumkar2 Oct 20242 min read
XRP is moving through a complex price pattern with ups and downs. While there’s potential for the price to rise, it’s not showing the strong momentum usually seen in bullish trends. XRP’s neutral price outlook coincides with Bitwise Asset Management filing for an XRP Exchange Traded Product (ETP) with the SEC. Additionally, the upcoming SEC appeal deadline on October 7 is generating significant attention in the market.
Key Support and Resistance Levels
The most critical support level for XRP is located at 50.3 cents. This level corresponds to the swing low established earlier. For the current bullish scenario to remain valid, XRP must hold above this point. A failure to maintain this level could invalidate the upward wave count and signal a shift in market sentiment.
In addition to the primary support at 50.3 cents, there are secondary support zones between 57.6 and 57.7 cents. Holding above this range is crucial for sustaining the bullish outlook and potentially setting the stage for further upward movement.
The immediate upside target for XRP is situated at around 74 cents. This price point marks the beginning of an upside target zone, highlighted in blue on the analysis charts. A breakout above this level could catalyze a more substantial upward movement, potentially confirming the bullish trajectory expected in the current wave structure.
Analyzing Wave Structures
Currently, XRP’s price action is reflecting typical corrective patterns, which often lack the stability needed for sustained growth. The narrative suggests that an X-wave, indicative of a corrective low, bottomed out in July. Following this, XRP is expected to progress higher in a Y-wave, specifically in an A-B-C structure.
It’s plausible that the B-wave has already found its bottom, represented by the yellow wave count on the chart. The expectation is that the C-wave is currently in development, which would ideally take shape in a diagonal structure characterized by five sub-waves.
