The crypto market has bounced back from yesterday’s lows. XRP responded to the move when it bounced off the $ 0.68 support. It is currently trading at $ 0.77.

Important levels

XRP has formed a symmetrical triangle pattern on the 3-day chart showing indecision between buyers and sellers. It is currently near the triangle’s support line.

The token could decline if volume faltered, towards the 61.8% fib retracement level at $ 0.75 and then the June 30th high at $ 0.71.

If selling pressure continues to mount, XRP price may drop to the 78.6% fib retracement level at $ 0.68 before hitting the 200 SMA (three day frame) at $ 0.65, which is in line with the support line of the Pattern coincides.

A surge in sell orders could put XRP below the support line of the symmetrical triangle and close to the 24th low.

XRP / USDT 3-day chart | Source: TradingView

However, if the bulls manage to reverse the period of underperformance, XRP price will encounter its first resistance at the 50% fib retracement level ($ 0.80). Additional buying pressure will help reach the 38.2% Fib retracement level at $ 0.85 and then the 23.6% Fib retracement level at $ 0.91, which is consistent with the 21 SMA (three- Days frame).

Larger efforts with an increase in buy orders will push XRP to the 100 SMA (three day frame) at $ 0.98 and then to the 50 SMA (three day frame) at $ 1.02. The rally to the ripple could be strong if the bulls manage to break the resistance line of the pattern at $ 1.13.

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