- Ripple price has not seen a 50% retracement from any decline following last week's trade setup, suggesting an extended impulse wave is underway.
- A retest of $0.29 could be the catalyst to send XRP price to $0.25.
- Invalidation of the downtrend is a breach of wave 1 at $0.3780.
Ripple price is highly risky. The wave count may be extending, which means it could be challenging to forecast the final low.
Ripple price targets $0.25
Ripple price trades in territory unseen since January of 2021. On Wednesday, the bulls are treading on thin ice as they have established a primitive level of support in the $0.31 zone. Currently, the bullish retaliation is not enough to justify a countertrend scalp. Analyzing the decline from last week's trade setup, the bears have printed an anticipated impulse wave down. However, the technicals suggest the downfall may not be over as the retracements within each decline do not bestow enough bullish signals to label the downtrend over.
Ripple price trades within the vicinity of wave 4 of a previous degree. The bearish candlesticks have been progressively larger throughout each decline, which resembles wave 3 price action. A retest of $0.29 could fool traders into believing in a double bottom formation. However, said price action could actually be the catalyst to induce a wave 5 sellers frenzy into $0.25.
XRP/USDT 3-Hour Chart
Invalidation of the bearish downtrend can be moved into profit for traders who partook in Friday's setup. If wave 1 at $0.3780 is breached, consider the downtrend over. The bulls should be able to rally as high as $0.45, resulting in a 45% 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.
Recommended Content
Editors’ Picks
Two key dates over the SEC request to freeze Binance assets
Crypto exchange Binance must respond to the US Securities Exchange Commission’s (SEC) order to freeze assets tied to its subsidiary Binance.US by June 12, ahead of a court hearing about the case on June 13, according to the D.C. district court schedule.
Ethereum price declines as Coinbase ETH liquidity staking platform sees mass withdrawals
The US Securities and Exchange Commission’s (SEC) crackdown on Coinbase led to mass withdrawals of Coinbase wrapped staked Ether (cbETH) since Tuesday, acting as a bearish catalyst for the asset’s price.
Dogecoin Price Prediction: History suggests a potential 30% rally in DOGE
Dogecoin (DOGE) price has been trading within a fixed range over the last six months, taking seasonal leaps as volatility increased. With this accumulation pattern, the king of meme coins could be en route to complete the next bounce cycle.
Axie Infinity price recovery delayed despite investor deposits hitting a five-month high
Axie Infinity price, following the broader market cues, is trending downwards for the moment as the bearishness in the market has grown considerably. Incited with the regulatory crackdown by the SEC, the investors have resorted to offloading their holdings for now.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.