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.