- Summary:
- Today, Ripple buyers are under fire, and price volatility might increase in the next few days as Ripple prices reach an important low.
Today, Ripple buyers are under fire, and price volatility might increase in the next few days as Ripple prices, XRP/USD, are nearing the September low of 0.2196.
The September low is essential as a break to that low would mark the resumption of a multi-month ascending triangle pattern with a price target of $0.1382. If the price were to reach this level, the XRPUSD pair would effectively be back at levels not seen since May 2017.
The ascending triangle formed from December 2018 and initially triggered in August when the price slid below the 0.2830 level; however, a few weeks later ripple prices spiked back into the pattern to break out once again. The price is now trying to trade lower for a third time, and as long as the price trades below the November high of $0.3149 the downtrend will remain intact and the triangle pattern in action. However, a break to the September low is needed to cause the slide to pick up pace.