- XRP has its price movements locked in a constricted range as symmetrical triangle formation has surfaced.
- XRP might witness a massive plummet with the decreasing price volatility.
- Vital support stands at $1.0587, where 50-day SMA appears as Ripple’s foothold.
Ripple had its price hovering around $1.0859 with somewhat neutral favoritism. That comes even as SEC vs. Ripple drags with an ‘unknown’ future. The parties still make compelling arguments. The crypto community trust that Ripple has the chance to win the case.
Brian Armstrong, Coinbase executive, joined the increasing Ripple support against the securities regulator, claiming that Ripple has exceeded expectations on its lawsuit performance. That had the XRP community suggesting the token’s listing by Coinbase.
Meanwhile, XRP risks colossal plummets if the alt fails to maintain critical support. The global remittances coin must maintain this defense line to avoid plummeting towards $0.5784. However, the altcoin’s direction might rely on overall market movements for its upcoming price actions.
XRP Price Chart Formation Predicts 46% Drop
Ripple has its price spelling out the symmetric triangle on the daily price chart, confirming bearish and bullish momentum cancels out. The horizontal price movement suggests plunging price volatility confirming breakout in any direction in the short term. The MACD indicator validates the narrative as it moves horizontally, nearing the neutral level.
The symmetrical triangle targets either a 46% surge to $1.589 or a 46% dip towards $0.5784. Ripple price holds on its last defense line $1.0586, the level that the 50-day SMA coincides with governing pattern’s support line.
The failure to hold the coin’s price beyond the support level mentioned might trouble bulls. That is because XRP would be vulnerable to more losses, losing 46% to $0.5784. Before Ripple suffers this bearish move, XRP might secure support from 200-day SMA ($1.0279) and 100-day SMA ($1.0162).
XRP-USD Daily Price Chart
Meanwhile, if the XRP price favors bulls to break past the closest resistance around $1.10, it will increase the probability of XRP/USD recording a 46% surge to $1.5890. However, the alt needs to clear multiple hurdles before hitting its targets.
The initial obstacles stand near $1.1411, then the 2nd one at $1.1616. The final one is at the psychological level at $1.20, coinciding with the primary chart pattern’s resistance line. XRP has to clear this obstacle for recovery.