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▲ Photo: XRP
The virtual asset market is approaching the fourth quarter. Amidst this, XRP is at a critical juncture to determine its future direction, as it faces the 50-week Exponential Moving Average (EMA) and a key weekly resistance line.
According to crypto media outlet The Crypto Basic on September 26 (local time), XRP is currently testing a key weekly resistance zone between $1.50 and $1.60. This zone acts as a strong supply area, combining a horizontal resistance line with the 50-week Exponential Moving Average. On the chart, the XRP price is located near $1.5625, and the 50-week Exponential Moving Average is formed at $1.5238. The current price is only about 2.5% above the moving average, indicating that it is technically very close to a turning point that divides two contrasting scenarios.
Chart analyst Chartnerd presented two technical paths that could unfold in Q4. The first path is a scenario where XRP fails to overcome selling pressure and is rejected at the $1.50-$1.60 resistance zone, experiencing a retracement correction during Q4. The second path, conversely, involves breaking through the current resistance zone, extending its upward trend to the $1.80-$2 range, and then facing a deeper Q4 correction.
Market experts are closely watching whether XRP settles above the $1.50-$1.60 resistance zone, along with accompanying trading volume. If it firmly defends the 50-week Exponential Moving Average and establishes an upward position, short-term bullish momentum towards $1.80 to $2.00 could build. However, if it fails to break the resistance line and is pushed below the moving average, there is a high risk of increased downward pressure.
[Article Key Summary]
-XRP is facing a horizontal resistance line between $1.50 and $1.60, as well as the 50-week Exponential Moving Average at $1.5238.
-Chart analyst Chartnerd presented two scenarios: a path of retracement after hitting the resistance zone, and a path of extending to $1.80-$2 before undergoing a correction.
-As it is currently positioned 2.5% above the moving average, the defense of the support line and the breakthrough of the resistance line are expected to determine the direction for Q4.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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