XRP Tests Key Support Level Amid Ongoing Downward Trend

XRP is experiencing a downward trend, with consecutive bearish candles pushing the price toward a significant support level. Currently, XRP is testing the lower boundary of a symmetrical triangle, which could lead to either a deeper decline or a potential rebound.

Symmetrical Triangle Analysis

The symmetrical triangle pattern has formed since January.
The price has fluctuated between lower highs and higher lows, indicating an impending breakout or breakdown.
This support line has been tested three times previously, resulting in upward bounces.
However, repeated tests may weaken this support, increasing the risk of a breakdown.

Future Outlook for XRP

If XRP holds at this support, a bounce may occur, potentially moving toward the triangle's upper resistance.
A successful rebound could restore bullish sentiment after recent selling pressure.
The strength of any bounce will depend on trading volume; weak volume may result in a false breakout.
If XRP closes below the support, it could confirm a breakdown, leading to further declines.
A breakdown could trigger stop-loss orders and push XRP towards $2 due to limited immediate support.

As of now, XRP is trading at $2.18, reflecting a 3.8% increase over the past 24 hours. The price briefly dipped below the triangle's lower boundary but rebounded quickly, indicating ongoing buying interest.