- XRP price has established a support level at $1.31.
- If this crucial level holds, Ripple may resume its uptrend.
- A symmetrical triangle pattern on the 12-hour chart supports the bullish narrative.
XRP price has been mostly consolidating between the $1.61 resistance and $1.33 support level for the past two weeks. Despite the ambiguous outlook Ripple presents, a particular chart pattern has developed, anticipating a 58% price movement.
XRP price bounces looking to claim $2.40
On May 12, XRP price reached a new yearly high of $ 1.95 after an explosive breakout. Following the milestone, investors seem to have sold some of their holdings to ensure profits. The spike in profit-taking saw Ripple price drop by over 58% within one week to hit a low of $ 0.90.
Such a steep decline formed the y-axis of a symmetrical triangle that has been developing since then. The technical pattern forecasts that XRP price is primed for a 58% movement upon the breakout point.
A spike in interest from the bulls could lead to a new rally toward $2.40. But first, Ripple would have to break through the triangle’s upper trendline at $1.61 to advance further.
XRP/USDt 12-hour chart
Failing to break through the $1.61 resistance could be catastrophic for XRP price.
Rejection from this crucial price point might lead to a downswing towards the triangle’s lower trendline at $1.20, which coincides with the 100 twelve-hour moving average.
If this support level cannot keep falling prices at bay, then XRP price may plummet to $0.60.