XRP price has tried multiple times to slice through the high probability reversal pattern but failed. The most recent rejection occurred on July 4, and Ripple price has been on a downtrend since then. This down move has led to a retest of the critical support level barrier, which might trigger an upswing.
XRP price has tried four times to breach the high probability reversal pattern zone, ranging from $0.680 to $0.727 level over the last two weeks. These attempts were unsuccessful, and the latest jab pierced the 70.5% Fibonacci retracement level at a price of $0.704 but failed to sustain above it.
This inability of the buyers led to a 16% retracement that tagged the price of $0.596 support level. In some cases, Ripple XRP might dip a little deeper and retest $0.581. Both these levels will allow buyers to recuperate and accumulate Ripple XRP at a discount, triggering a massive upswing.
If this were to happen, the 50% Fibonacci retracement level at a price of $0.647 would be the first barrier to be flipped into support. Following this, the remittance token needs to pierce through the high probability reversal pattern zone and produce a decisive 4-hour candlestick chart close above $0.727, which denotes the intention of buyers.
If such an event were to occur, it would trigger FOMO and propel Ripple XRP price toward the range high at $0.78.
Regardless of the bullishness surrounding the remittance token, a breakdown of the price of the $0.581 barrier would indicate weakness among bulls. However, if the sellers slice through $0.568 level, it will invalidate the bullish thesis and catalyze a potential 10% sell-off to $0.509.
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