Recently, the cryptocurrency Ripple, also known as XRP, has been striving to surpass a significant resistance level. Despite this effort, the price was pushed back at this critical juncture. Over the last 48 hours, an intriguing XRP breakout pattern has emerged on the 2-hour chart. As of the time of writing, XRP was trading at $0.5048, marking a 0.93% loss in the last 24 hours.
Attempts and Rejections at Key Resistance Level
In the past 24 hours, Ripple’s price attempted to flip a resistance level but faced rejection at this crucial point. This led to a drop in the price of the remittance token, losing the support of a key level during the day’s trading. As a result, a noteworthy pattern has emerged on XRP’s daily chart.
The price of XRP sought to break the $0.5170 resistance level yesterday, but was rebuffed. This led to a bearish move for the cryptocurrency, causing it to breach the $0.5090 support level. At the time of writing, the trading price remains below this mark.
Formation of Symmetrical Triangle Pattern
Recent price movements have resulted in the formation of a symmetrical triangle pattern on XRP’s 2-hour chart. This XRP breakout pattern suggests that a price breakout could occur within the next 24 hours.
If the breakout is towards the downside, we might see the altcoin’s price fall to the immediate support level at $0.4995. If a 2-hour candle closes below this mark, it could potentially lead to XRP dropping to the subsequent level at $0.4915 in the following hours.
Potential Upside Breakout
Conversely, if XRP manages to close a 2-hour candle above $0.5090, this could invalidate the bearish thesis. In such a case, the price of the remittance token could ascend to the $0.5170 barrier. If buying pressure continues, XRP could flip this resistance level into support, potentially paving the way for a climb to the next threshold at $0.5255 in the next 24-48 hours.
According to CoinMarketCap, XRP’s price slipped 0.93% over the past 24 hours, trading at $0.5048 at the time of writing. Despite the daily drop, XRP’s price has seen a 2.59% increase over the past week.
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