- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.