XRP traders on nerve’s edge: $2.78 could make or break it

As the majority of assets in the cryptocurrency market take a bearish turn at the beginning of the new week, XRP traders are closely watching the $2.78 level after the token found support there, aligning with technical projections shared by multiple analysts.

Indeed, the $2.78 region is a key support zone that could prove pivotal in determining whether XRP stabilizes for a rebound or risks deeper downside, according to an analysis by popular crypto analyst Ali Martinez shared in an X post on September 22.

Bearish path into support

Specifically, XRP’s price action on a four-hour chart shows a series of lower highs and lower lows, with projections pointing to a potential decline from the $3 region back toward $2.80. This bearish structure aligns with the broader correction seen since mid-September when XRP failed to sustain momentum above $3.16.

If this support holds, traders may see consolidation before an attempted recovery. However, failure to defend $2.78 could expose XRP to the next major level near $2.65, where buyers previously stepped in during August.

Five-wave count completed

Meanwhile, fellow crypto trading analyst Egrag Crypto shared a complementary view through Elliott Wave analysis. According to this chart, XRP has completed a five-wave corrective sequence to the downside, culminating at the $2.78 support zone. This suggests the correction may be near exhaustion, potentially paving the way for a relief rally.

As it happens, Egrag has pointed to nearby resistance levels at $2.94 and $3.13, which would need to be reclaimed for bullish momentum to reassert itself. His chart also shows the yellow-highlighted ‘throwback’ zone, where past support has now flipped into resistance – an area XRP must break through to confirm any meaningful reversal.

For the time being, XRP is changing hands at the price of $2.81, which indicates a decline of 5.96% in the last 24 hours, a 5.25% drop across the previous seven days, and an accumulated loss of 7.48% on its monthly chart, per the latest information.

With both analysts zeroing in on the same $2.78 level, XRP’s next move appears to hinge on whether buyers can defend this support. A bounce could set the stage for a push back toward $3 – $3.13, while a breakdown risks accelerating the correction toward $2.65 or lower.