- XRP price is sliding lower to test critical levels of support before a reversal is in the offing.
- Ripple could drop toward the 200 three-day Simple Moving Average (SMA) at $0.65.
- The bulls could be planning a comeback following a tag on the lower boundary of the governing technical pattern.
XRP price could be setting up a buying opportunity before Ripple bulls prepare for a major recovery. The cross-border remittance token may discover reliable support at $0.65 prior to a significant price reversal.
XRP price presents buy opportunity
XRP price has formed a symmetrical triangle pattern on the 3-day chart, suggesting indecision between the buyers and the sellers. However, Ripple is nearing a crucial support line at the lower boundary of the prevailing chart pattern.
The cross-border remittance token could slide lower as trading volume falters, toward the 61.8% Fibonacci retracement level at $0.75, then toward the June 30 high at $0.71.
If selling pressure continues to increase, XRP price could drop to the 78.6% Fibonacci retracement level at $0.68, before reaching the 200 three-day Simple Moving Average (SMA) at $0.65, coinciding with the lower boundary of the governing technical pattern.
An additional spike in sell orders could push XRP price lower to slice below the downside trend line of the symmetrical triangle pattern but a line of defense will emerge at the June 24 low at $0.58, intersecting with the support line given by the Momentum Reversal Indicator (MRI).