The XRP coin has remained an underperforming crypto asset throughout June. Even the minor recovery witnessed during this month’s third week has evaporated and the coin’s market value plunged back to the $0.474 mark. However, a look at the longer time frame chart reflects that buyers are respecting an ascending support trendline of a bullish continuation pattern called ascending triangle.
Also Read: Why July Is Crucial For Ripple Vs SEC Lawsuit, XRP Price & Overall Crypto Market?
With an intraday loss of 2.36%, the XRP price plunged back to the long-coming support trendline. The coin price has already bounced from this support thrice indicating buyers are accumulating this coin at dips.
If the coin price manages to sustain this support, the market participants can expect another reversal. Each reversal creates a new higher low, where the buyers get closer to the overhead resistance of $0.55 and increased the potential of a bullish breakout.
This anticipated reversal could drive the XRP price to the $0.5 mark, followed by $0.55.
The rising trendline within the triangle pattern has played a crucial role in sustaining the upward momentum of XRP’s price over the last 100 days. However, the growing supply pressure in the market raises concerns. Should the price break below the ascending trendline, it would undermine the bullish outlook. Consequently, this could trigger a significant sell-off, leading to a potential 10% decline in XRP, with a target price of $0.4.
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