TLDRXRP is currently trading around $2.87 after a 14% drop over the past two weeksPrice must hold above critical $2.75 support level to maintain bullish momentumBreaking above $2.81 resistance could trigger a 30% rally to $3.62October historically challenging for XRP but Q4 typically strongXRP ETF decisions expected mid-October could provide catalyst for price movementXRP’s price has been under pressure in recent weeks, dropping 14% in the latter half of September. However, the cryptocurrency is showing signs of potential recovery as it holds above key support levels. Trading around $2.87, market participants are watching closely to see if XRP can maintain this position and potentially restart its rally in October.The digital asset is currently at a critical juncture. Analysts emphasize the importance of XRP holding above the $2.75 level, which coincides with the lower boundary of a symmetrical triangle pattern visible on daily charts. This price point also aligns with the September 1 open and has proven to be a significant support zone.Adding weight to the importance of this level, data from Glassnode reveals a large cluster of demand between $2.75, where nearly 1.58 billion XRP were acquired. This substantial buying pressure reinforces the significance of this support zone.Technical OutlookFor XRP to resume its upward trend, it must first overcome resistance at $2.81, which is currently reinforced by the 100-day simple moving average (SMA). Breaking above this level could open the path to the bullish target of the symmetrical triangle at $3.62, representing a potential 30% gain from current levels.On the hourly chart, XRP has formed a bullish trend line with support at $2.80. The cryptocurrency is trading above both this level and the 100-hourly Simple Moving Average, suggesting short-term momentum may be building.XRP Price on CoinGecko However, the path upward is not without obstacles. XRP faces immediate resistance near $2.88, followed by a stronger barrier at $2.92. A clear move above these levels could push the price toward $2.99 and potentially to the $3.02 resistance zone.Should XRP fail to maintain its current position, a drop below $2.75 might trigger another sell-off toward $2.00, which represents the bearish target of the symmetrical triangle pattern. Initial support on the downside sits near $2.82, with the next major support level at $2.80.Seasonal Factors and CatalystsOctober has historically been a challenging month for XRP. Since 2013, the cryptocurrency has closed in the red for seven of the past twelve Octobers, with average returns declining by approximately 4.58% during this month.Despite this seasonal weakness, there is reason for optimism as November and December have traditionally been strong months for XRP. The period between October and December represents the strongest quarter for XRP price performance, with average gains of 51% according to data from Cryptorank.Looking at recent years, XRP rallied approximately 240% in Q4 of 2024 and 20% in Q4 of 2023. Even during bear markets, the fourth quarter has consistently delivered significant price movements.A potential catalyst for XRP in October could be the upcoming ETF decisions. Franklin Templeton’s XRP ETF decision has been pushed to November 14, but Grayscale’s decision is expected on October 18, with key deadlines for other applications falling between October 19 and 25.The REX/Osprey XRP ETF recently debuted on September 18 with nearly $38 million in first-day volume, showing initial interest in XRP investment products. Streamlined SEC standards and clarity following the Ripple lawsuit have pushed approval odds to 100% by December 31, potentially unlocking $4-8 billion in first-year inflows according to analysts.XRP is currently attempting a recovery above the $2.82 zone. On the hourly chart, technical indicators show the MACD gaining pace in the bullish zone, while the RSI is now above the 50 level, suggesting growing positive momentum in the short term.The most recent data shows XRP trading at $2.87, with key short-term support at $2.80 and major resistance at $2.92.The post XRP (XRP) Price: Technical Analysis Shows Critical Support at $2.75 Level appeared first on Blockonomi.