Ripple's XRP price is a dangerous bull-trap until this level is touched
- Ripple price has underperformed most cryptocurrencies in July.
- XRP price contracts between $0.29 and $0.37 for more than a month.
- Invalidation of the bearish trend is a breach above $0.48.
Ripple’s XRP price continues to underperform. A mid-term count has strong confluences in the $0.17 region.
Ripple price is still unpredictable
XRP price sideways price congestion could continue for weeks on end. While tokens like MATIC and Ethereum have shown profitable day-trading opportunities, the Ripple price continues to chop in an unpredictable manner. When zooming out in larger time frames, it appears the Ripple price may not be finished heading south. Thus, a macro invalidation level is the safest way to confidently invalidate the downtrend.
XRP price currently trades at $0.327. The consolidative range between $0.29 and $0.37 has been contracting on both sides for more than one month. The congestion is likely to resolve in a 20% rally targeting $0.26 or $0.40. However, it is still unclear in which direction the triangular pattern will break.
XRP/USDT 9-Hour Chart
Thus, being an early buyer is unwarranted. Invalidation of the downtrend scenario is a breach above $0.48. If the bulls can hurdle that level, there will be plenty of opportunities to join a bull run targeting all-time highs at $2.00, resulting in a 530% increase from the current Ripple price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
