XRP Buyback Fails to Halt 8.75% Drop, Tests $2 Support
Ripple’s $1B XRP buyback plan failed to support the token, as XRP slumped 8.75% on the day. Technical analysis shows XRP trading within a descending wedge pattern, testing key support at $2.
A break below $2 would invalidate the wedge and target the 0.618 Fibonacci retracement at $1.65 by month-end. Conversely, a breakout above the wedge’s upper trendline could spark a 5–20% rally to $2.36–$2.75. This move may trigger a $118.76M short squeeze and push XRP toward the $3 psychological barrier.
On the weekly chart, XRP holds an ascending triangle setup. Maintaining above $2.25 could lead to a breakout above $3.55. With strong volume, XRP buyback momentum may drive prices to $7.75 by early 2026. Traders should monitor these support and resistance levels, chart patterns, and volume for trading signals.
Bearish
XRP price dropped sharply despite Ripple’s $1B XRP buyback, reflecting weak buy-side demand and triggering bearish sentiment in the near term. The failure to hold above $2 support heightens selling pressure, increasing the risk of a decline toward $1.65 on the 0.618 Fibonacci retracement. However, technical analysis highlights a possible reversal: a breakout from the descending wedge could ignite a short squeeze and propel XRP to $2.36–$2.75, and sustained weekly momentum above $2.25 may target $3.55 and ultimately $7.75 by early 2026. Traders should weigh this short-term bearish bias against potential medium- and long-term bullish setups when planning positions.