XRP Price Prediction: Ripple could reach $2.40 if critical support holds
|- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.