XRP price looks south amid symmetrical triangle breakout

 XRP is licking its wounds so far this Saturday, having reached the lowest in three months at a price of $0.7691 on Friday.

Bulls are making price recovery attempts across the cryptocurrency board, with the market sentiment seen improving slightly, in anticipation of the weekend love returning. Bitcoin BTC has recaptured the $36,000 level after falling to just above $35,000 on Friday’s American afternoon.

The no.7 most-traded digital asset is also following a similar price movement. However, the further price upside attempts appear elusive, despite the long-dragged SEC V. RIPPLE lawsuit.

The court denied the Securities Exchange Commission’s (SEC) request to search for records of Ripple’s General Counsel and Deputy General Counsel for being privileged communications.

Wednesday’s Fed’s hawkish surprise is likely to have a lasting impact across the asset classes.

The Ripple XRP price confirmed a downside breakout from a month-long symmetrical triangle formation on the daily chart a day before, as the bears yielded a daily closing below the rising trendline level support, then at $0.8487.

A bearish break was inevitable, as the XRP price has been forming lower highs on the said time frame.

Further, the Relative Strength Index continues to trade listlessly below the midline, backing the downbeat mood around Ripple.

Therefore, a sustained break below Friday’s low at a price of $0.7691 could expose the 200-Daily Moving Average at $0.7277.

The May 23 low of $0.6509 could be put to test on a daily closing below the critical 200-DMA support.

On the upside, the road to price recovery could be challenged by the triangle support now resistance at $0.8562.

The buyers will then look to regain the $0.8600 round number, above which the triangle resistance level at $0.8869.

A convincing breakout above the last is likely to invalidate the symmetrical triangle breakdown.