XRP Tests Key Support as Analysts Watch $1.94 Level

XRP’s current market position has put several critical technical levels in focus, with analyst EGRAG CRYPTO highlighting $1.94 as the crucial support threshold that defines what they describe as ‘one of the most powerful accumulation zones you’ll ever see.’ The analyst emphasized that missing this range could lead to regret for investors who fail to ‘load up when fear was at its peak.’ EGRAG CRYPTO’s analysis has been complicated by what they term ‘data distortion’ – irregular pricing across major exchanges including binance/?utm_source=CVJ.Ai&utm_medium=glossary&utm_id=CVJ.AI" target="_blank">Binance, Coinbase, and Poloniex, prompting them to develop a ‘Crypto Data Set’ that averages multiple exchange prices for more accurate tracking.

Adding to the technical perspective, analyst ChartNerd reported that XRP recently touched its ascending support line that has been in place since 2024, with the price currently hovering near $2.21. This structure forms part of a rising channel pattern where previous touches at support have historically led to recoveries toward the upper range near $6-$7. The pattern remains valid for now, but a break below support could signal a significant trend shift, according to ChartNerd’s analysis.

Despite current market pressures, analysts have outlined ambitious price targets should XRP stage a recovery. EGRAG CRYPTO projects a short-term move toward $10 based on the current range pattern, noting that while the formation isn’t a textbook wedge or rectangle, it still shows a measured target near that zone. For medium-term scenarios, the outlook includes potential rises to the $14-$25 range if larger wave patterns develop, with the most extended target reaching $50 based on historical wick symmetry observed on the Gemini exchange.

Short-term market sentiment remains cautious, with trader CRYPTOWZRD noting that XRP closed with a slightly bearish candle while the XRP/BTC pair printed a dragonfly doji pattern. Their assessment that ‘XRP will follow Bitcoin’s sentiment tomorrow’ underscores the current dependency on broader market movements. This sentiment is further reflected in wallet activity, as holders of between 100 million and 1 billion XRP have recently trimmed their balances – behavior that CryptoPotato reported has previously preceded market declines.

While technical indicators show short-term pressure, institutional interest in XRP continues to grow through multiple channels. Franklin Templeton, Bitwise, and Canary Capital have all filed updated S-1 forms with the SEC in recent days, suggesting that spot XRP ETF launches could begin as early as mid-November. These developments represent significant potential catalysts for the digital asset, providing institutional access points that could fundamentally alter XRP’s market structure.

Concurrently, Ripple continues to expand its financial infrastructure footprint, confirming the acquisition of Palisade, a cryptocurrency custody firm. This move follows Ripple’s earlier acquisition of Hidden Road and collaboration with GTreasury, demonstrating a strategic focus on building comprehensive financial services infrastructure. These acquisitions position Ripple to offer more robust institutional-grade services, potentially creating additional utility and demand drivers for the XRP ecosystem beyond pure price speculation.