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XRP was on a downward trend Since the start of the week that has just finished. A constant flow of consecutive lower -lower candles on the daily time has dropped the price below each day, finally guiding him towards significant support at the time of the editorial staff.
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On time becomes a deeper fall or the Start of a rebound For cryptocurrency.
Symmetrical triangle support in the hearth
The symmetrical triangle on the daily graphic of XRP is Not a new modelBut the way in which its price currently interacts with its lower trend line is to prepare the way for what could be an important decision. This interesting phenomenon was noted by A crypto analyst on the tradingView platform, which highlighted this technical zone as a critical decision point for XRP.
As shown in the graph below, the symmetrical triangle is gradually formed since January, the price oscillating between a sequence of lower and higher lower and low. This led to a tightening beach that alludes to an imminent escape or ventilation.
The basic support line of the model has been tested three times in the past two months, which leads to a rebound upwards. However, the persistence of the retests also means that the current retest could be easily broken.
Where can you go XRP from here?
If XRP manages to maintain its land at this level of support and to arouse the interest in purchase, a rebound could be on the cards. A successful rebound in this trend line could trigger a movement towards the upper limit of the triangle, which acts as resistance.
Such a rally would not keep that the triangle intact, but it could also cause a bullish feeling after four weeks of sales pressure. However, the strength of all rebounds will probably depend on the volume of trading that accompanies it. A rebound without a high volume of trading could lead to a false escape.
However, the opposite scenario is just as likely. If XRP closes the daily candlestick below this level of support, it would confirm a ventilation of the triangle structure, opening the door down. As the analyst noted, “the loss of support can cause new downward pressure”.
Ventilation would not only invalidate the consolidation structure, but could also trigger stop-loss orders below. Given the immediate lack of support under the current area, XRP could face a sharp drop at $ 2 if the level of support does not hold.
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At the time of writing this document, XRP is traded to $ 2.18, which increased by 3.8% in the last 24 hours. Interestingly, the price fell slightly below the lower limit of the triangle earlier during the day. However, this decision was quickly encountered by purchasing pressure, repelling prices in the triangle range. This small action, but important, shows that the bulls are always active at this level.
PEXELS star image, tradingView graphic
