Moving in tandem with the broader cryptocurrency market’s advance, XRP climbed 1.65% over a 24-hour period on Oct. 5 to reach USD 1.52. At the same time, trader Peter Brandt highlighted a daily chart indicating a potential cup-and-handle pattern. While XRP stayed underneath immediate resistance, potential XRP Ledger amendment activations are lined up for Oct. 8 and Oct. 9.
XRP Gains Alongside Bitcoin
Over the same timeframe, Bitcoin rose 1.43%, and the overall cryptocurrency market capitalization grew by 1.26%. XRP’s comparable upward movement mirrored this wider market recovery, as available data did not point to any specific independent event driving the daily rise.
Trading volume for XRP surged by 74.98% over 24 hours. This price increase was backed by higher turnover, though volume by itself does not guarantee that buyers can maintain the upward momentum. The token changed hands above both its seven-day simple moving average of USD 1.49 and its 30-day average of USD 1.44.
The relative strength index registered at 58.97, staying clear of the standard 70 overbought threshold. This figure indicates that recent gains outweighed losses without signaling an overbought condition. Immediate resistance was spotted in the USD 1.52–1.55 bracket, whereas market analysis pointed to USD 1.45 as the closest support level.
A daily close past resistance would signal a breakout from the current trading range. On the other hand, a drop beneath USD 1.45 would draw attention back to lower support zones. The 50-day exponential moving average hovered near USD 1.38, resting below the present consolidation range.
Brandt’s Chart Shows an Unconfirmed Pattern
Peter Brandt shared an XRP chart featuring a rounded recovery followed by a minor pullback. This structure looks like a “cup-and-handle,” a technical setup that demands a breakout above its upper threshold before it can be considered a confirmed pattern.
The displayed chart placed XRP close to USD 1.5230, which is slightly higher than the visible simple moving average of USD 1.4978. The upper boundary is defined by the Sept. 23 high of USD 1.6572. To reach that milestone, XRP would need to advance roughly 8.8% from the price shown on the chart.
Before recovering to the September peak, the token experienced an earlier decline toward the USD 1.25–1.30 range. The subsequent consolidation mostly hovered between USD 1.45 and USD 1.55. This smaller dip shaped the potential handle, though XRP has not yet broken past the September high.
Applying an approximate low of USD 1.26 alongside the USD 1.6572 resistance boundary yields a calculated target close to USD 2.05.
Ledger Changes Approach as Forecasts Draw Attention
The PermissionDelegationV1_1 and BatchV1_1 amendments carry potential activation dates of Oct. 8 and Oct. 9, respectively. Permission delegation involves authorized transaction actions, whereas batch processing deals with grouped transactions. These dates depend entirely on ongoing validator support throughout the mandatory approval window.
In a separate development, Doppler Finance announced a partnership with Flare focused on future yield vault access for XRP holders. Although this upcoming service represents another ecosystem milestone, current details do not link it directly to XRP’s recent price appreciation.
ALSO READ: XRP Price Holds Near USD 1.50 as Doppler Plans Flare Vault Access
