XRP price struggles at critical levels: How should investors proceed?

XRP, one of the favorite altcoins in the cryptocurrency market, continues to fluctuate above the support point of the ascending triangle pattern as the broader market sentiment shows a pause in the recovery phase. Although this uptrend continuation pattern maintains a positive trend over the long term, the failure of buyers to rise from the trendline reflects the underlying weakness of the bullish momentum. Therefore, traders need to be cautious if the price of the favorite altcoin breaks the support point down.
A retest of the support point can create an opportunity for buyers to save at low prices. A potential bullish reversal could set the XRP price up for a 15% rise.
The intraday trading volume for XRP is $891.2 million. This means that there is a 4.3% loss.
The price of the favorite altcoin has lost 2.3% in the last 24 hours, returning to the support point of the triangle pattern on the chart. Theoretically, this retest could be a chance to regain the bullish momentum.
However, the price has been hovering above the support point for the past three weeks. However, it still managed to record significant growth during this period. Thus, failures by buyers to reclaim lost ground indicates a lack of commitment and the possibility of substantial correction.
If there is a break below the support point, sellers can push the XRP price lower. At the same time, increasing supply pressure could push the price down 11% to $0.4.
Could the price exceed $0.55?
For XRP price to continue its uptrend, buyers need to maintain the ascending triangle pattern. Support from the ascending trendline might encourage buyers to gradually revisit the $0.55 level. Under the influence of this pattern, the price of the trendy altcoin could regain enough momentum to break $0.55 as a sign of a trend reversal.
The Relative Strength Index of technical indicators is below the 50 mark. This means that sellers are now in a superior position.
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