Key takeaways:

• XRP price dropped 8.75% on Friday despite Ripple’s $1 billion acquisition plans.
• A drop toward the $2 support level is possible in the coming days, as bulls pin their hopes on a rebound.

Ripple is reportedly planning to raise $1 billion to purchase XRP for its own digital asset treasury. This move could make it the world’s largest corporate holder of this top-five cryptocurrency.

However, XRP bulls largely ignored the news on Friday, with the price falling 8.75% after the Oct. 17 announcement, while continuing its prevailing downtrend, as shown below.

Can XRP break out of its prevailing downtrend in October?

XRP price eyes recovery after testing $2 support

Looking broadly, XRP has been fluctuating within a falling wedge pattern after last week’s crypto market rout, which liquidated a record $20 billion or more in positions.

The price could still dip toward the $2 support level, coinciding with the wedge’s lower boundary and serving as a potential reversal zone.

That range features levels with up to $118.76 million in cumulative short leverages, according to CoinGlass data.

Potential short liquidations at these levels could add momentum toward $3, a psychological resistance target further aligning with the upper boundary of XRP’s descending triangle pattern.

Conversely, a close below $2 would invalidate the wedge setup, inviting further downside pressure toward $1.65, the 0.618 Fibonacci retracement level, by month’s end.

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Longer term: XRP still on track for a breakout

On longer-term charts, XRP is maintaining its ascending triangle breakout scenario despite plunging 60% during last week’s “black Friday.”

As of Friday, the cryptocurrency was holding above the triangle’s lower trendline near $2.25 while eyeing a rebound toward the upper trendline near $3.55.

A breakout above $3.55 with significant volumes could send the price to as high as $7.75, representing a 250% increase from current levels, by early 2026.