XRP is still struggling to reclaim the $3 resistance zone, with an analyst highlighting two key price levels that could determine its next move.
According to an outlook by Ali Martinez, a strong resistance has formed around $2.90, where recent price action has shown multiple failed attempts to break higher.
In a September 6 post on X, Martinez noted that if XRP faces another rejection at this level, the asset could retreat toward the $2.70 support zone, which has previously served as a crucial floor during recent pullbacks.
On the upside, a decisive breakout above $2.90 would be needed to rekindle bullish momentum. However, the analysis suggested that XRP may continue to oscillate between $2.70 and $2.90 in the near term.
Impact of XRP ETF
Adding to the technical tension is the upcoming October SEC deadline on multiple spot XRP exchange-traded fund (ETF) applications, including filings from Grayscale, 21Shares, Bitwise, and WisdomTree.
Decisions are expected between mid- and late October, with approval odds seen as high. Analysts suggest institutional inflows could exceed $5 billion if approved, potentially sparking the momentum needed to push XRP beyond $3 and toward higher targets.
In the meantime, XRP may retest the $2.90 resistance before either breaking higher or retreating toward $2.70, with a deeper slide to the $2.73 and $2.69 range possible if bearish pressure builds.
XRP price analysis
At press time, XRP was trading at $2.81, down about 2% in the past 24 hours but up 0.84% over the past week.
From a technical standpoint, XRP’s current price sits slightly above its 200-day simple moving average (SMA) of $2.50, signaling long-term bullish support. However, it remains below the 50-day SMA of $3.07, pointing to short-term weakness and a struggle to regain upward momentum.
Meanwhile, the 14-day RSI stands at 43.67, below the neutral 50 level. This suggests XRP is leaning toward bearish momentum but is not yet oversold, reflecting limited buying pressure in the near term.
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