- XRP price is sliding lower to test critical support levels before a reversal is imminent.
- Ripple could drop towards the 200 three-day simple moving average at $0.65.
- Bulls may be planning to return after a mark of the bottom boundary of the ruling technical pattern.
XRP price could create a buying opportunity before the Ripple bulls prepare for a major rally. The cross-border reversal symbol may detect a reliable support at $0.65 before the price reverses significantly.
XRP price presents a buying opportunity
XRP price has formed a symmetrical triangle pattern on the three-day chart, indicating indecision between buyers and sellers. However, Ripple is approaching a crucial support line at the bottom border of the dominant chart pattern.
The switch could slide across the border lower as volume falters, towards the 61.8% Fib retracement level at $0.75, and then towards the June 30 high at $0.71.
If the selling pressure continues to increase, XRP may drop to the 78.6% Fib retracement level at $0.68, before hitting the 200 three-day simple moving average (SMA) at $0.65, coinciding with the lower bound of the ruling technical pattern.
Additional sell orders may push the XRP price lower to a slice below the descending trend line of the symmetrical triangle, but a defense line will appear at the June 24th low at $0.58, crossing the support line provided by the Momentum Reversal Indicator (Resonance Imaging). magnetic).
XRP / USDT 3-Day Chart
However, if the bulls can reverse the period of underperformance, XRP price will face the first resistance line at the 50% retracement level at $0.80. Additional buying pressure will see Ripple mark the 38.2% Fib retracement level at $0.85, then the 23.6% Fib retracement level at $0.91, coinciding with the 21 three-day simple moving average.
Bigger expectations and a sudden spike in bids will push XRP higher towards the three-day 100 SMA at $0.98, and then towards the three-day 50 SMA at $1.02. Ripple’s recovery may be in full swing if the bulls can identify the upper boundary of the dominant chart pattern at $1.13.