Is XRP price going to crash after falling below $3 again?
Key takeaways:XRP price hinges on $2.75 support, risking a drop toward $2.07.Rising NUPL signals increased profit-taking, hinting $3.18 was the local top.Some analysts insist XRP’s macro setup is still bullish with price targets above $5.XRP was down on Monday, dropping 5% over the last 24 hours to trade at $2.80. The inability to hold above $3 now puts the altcoin’s uptrend in question, at least for the near term.Classic XRP pattern targets $2.07On the daily candle chart, XRP is playing out a classic descending triangle formation, a bearish continuation pattern marked by a downward-sloping resistance trendline and a flat, horizontal support line. A daily candlestick close below the triangle’s support trendline could trigger a fresh sell-off, with the technical target near $2.07, calculated by adding the triangle’s height to the potential breakout point at around $2.75.Such a move would represent a 26% drop from the current price.XRP is currently trading below the 50-day simple moving average (SMA, the yellow wave) and 100-day SMA (the red wave), reinforcing bearish bias.The 200-day SMA at $2.52 could provide relief for the bulls, potentially avoiding a deeper correction toward $2.The relative strength index (RSI) has dropped from 50 to 39 over the last 24 hours, indicating increasing downward momentum.XRP’s Net Unrealized Profit/Loss (NUPL) has also flashed warning signs. The metric is currently within the 0.5–0.6 zone, a level historically linked with local tops.With more than 94% of supply in profit at current prices, there is a likelihood of an increase in sell-side pressure. Such setups in 2017, 2021 and January 2025 preceded sharp corrections, raising the possibility of similar pullbacks over the next few days.Is XRP price in a technical correction?Despite the pullback, analysts are convinced that XRP bulls are still in control on higher time frames.As Cointelegraph reported, the price remains bullish in the weekly candle chart, with a bull flag that has been in play since the November 2024 rally, suggesting that XRP could rise as high as $15. Spotting a similar setup, crypto analyst CryptoBull said XRP price could rally to $5 in October. “While the lower time frames (LTF) are worth monitoring closely. The higher time frame (HTF) trends are still crystal clear,” said analyst Egrag Crypto in a Monday post on X, suggesting that the ongoing pullback could be a technical correction. He shared a chart showing the formation of an ascending triangle on the monthly chart with an XRP price target of $27.In an earlier analysis, XForceGlobal said that XRP’s macro outlook remained bullish, with Elliott Wave analysis projecting a cycle top above $20 for XRP.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.