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XRP Could Enter Into a Strong Move as Breakout Pattern Emerges

source-logo  coinedition.com 24 September 2023 16:41, UTC

The price of Ripple (XRP) attempted to flip a resistance level over the past 24 hours. However, the altcoin’s price was rejected by the significant price point. Consequently, the remittance token’s price lost the support of a key level throughout the past day of trading – resulting in the formation of a noteworthy pattern on XRP’s daily chart.

2-hour chart for XRP/USDT (Source: TradingView)

XRP’s price had attempted to overcome the $0.5170 resistance level yesterday, but was rejected by the key price point. As a result, the cryptocurrency’s price entered into a bearish move – causing it to breach the $0.5090 support level. At press time, it continued to trade below this mark.

As a result of the recent price movements, a symmetrical triangle pattern had formed on XRP’s 2-hour chart over the past 48 hours. This chart pattern suggested that the remittance token’s price may breakout within the next 24 hours. If this breakout is towards the downside, the altcoin’s price may drop to the immediate support level at $0.4995.

Thereafter, a 2-hour candle close below this significant price mark may lead to XRP dropping to the subsequent level at $0.4915 in the following few hours. However, if XRP is able to close a 2-hour candle above $0.5090, then it may invalidate the bearish thesis. In this scenario, the remittance token’s price may climb to the $0.5170 barrier.

Continued buy pressure may result in XRP flipping this resistance level into support. Subsequently, the altcoin’s price may have a clear path to rise to the next threshold at $0.5255 in the following 24-48 hours.

Meanwhile, CoinMarketCap indicated that XRP’s price had slipped 0.93% over the past 24 hours. Consequently, the altcoin was changing hands at $0.5048 at press time. Despite the negative daily performance, XRP’s price was still up 2.59% over the past 7 days. In addition to dropping over the past day of trading, XRP’s price had also slipped 0.09% during the past hour.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.