- XRP price has witnessed its momentum flip to the downside following recent weakness.
- Ripple could be awaiting a 48% plunge as the token nears a critical line of support.
- The prevailing chart pattern projects a bearish target at $0.38.
XRP price has continued to set lower highs as Ripple failed to galvanize investors’ enthusiasm. The cross-border remittance token could now be at risk of a sharp decline if it slices below a critical line of defense.
XRP price risk skewed to the downside
XRP price has formed a symmetrical triangle on the daily chart, as Ripple continues to consolidate. Although the prevailing chart pattern confuses forecasts, the token could be at the edge of a 48% plunge toward $0.38.
If XRP price slices below the lower boundary of the governing technical pattern at $0.72 that acts as crucial support, the aforementioned bearish target given by the prevailing chart pattern could be in the offing.
The first line of defense for XRP price following a break below $0.72 is at the 78.6% Fibonacci retracement level at $0.68, then at the July 28 low at $0.63, coinciding with the multi-month support trend line.
If selling pressure continues to increase, XRP price may drop toward the June 26 low at $0.58, then to the June 23 low at $0.52. Ripple may be able to find reliable support at the 127.2% Fibonacci retracement level at $0.48 before the bears attempt to reach the pessimistic target.
XRP/USDT daily chart
However, if the bulls manage to reverse the period of underperformance, Ripple will meet immediate resistance at the 61.8% Fibonacci retracement level at $0.75. Additional headwinds may emerge at the 21-day Simple Moving Average (SMA) at $0.78, then at the 50-day SMA at $0.83.
Bigger aspirations will target the upper boundary of the symmetrical triangle pattern at $0.90. Investors should note that a break above the topside trend line of the prevailing chart pattern could release a 48% climb for XRP price. If buying pressure continues to rise, Ripple would encounter obstacles at $0.96, where the 100-day SMA and 200-day SMA intersect.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks

Bitcoin celebrates annual Pizza Day with a new all-time high
Bitcoin (BTC) enthusiasts are celebrating Bitcoin Pizza Day with a banger. BTC made a new all-time high on Wednesday and has entered price discovery mode. The OG cryptocurrency is trading above $110,000 for the first time ever.

XRP Price Forecast: Open Interest skyrockets as Volatility Shares to launch XRP futures ETF on NASDAQ
Ripple's (XRP) price accelerates the uptrend to around $2.43 at the time of writing on Thursday, propelled by improving sentiment in the broader crypto market after Bitcoin (BTC) rapidly rallied to new all-time highs at approximately $111,880.

The Graph aims to enable secure cross-chain GRT transfers with Chainlink’s CCIP
The Graph (GRT) plans to adopt the Chainlink (LINK) interoperability standard (CCIP) to enable GRT transfers across three ecosystems. A successful deployment of GRT bridges across Arbitrum (ARB), Base (BASE), and Solana (SOL) will significantly expand its cross-chain functionality.

Top 3 Gainers Fartcoin, Dogwifhat, Popcat: Meme coins lead altcoins rally exploding alongside Bitcoin
Cryptocurrencies broadly extend gains on Thursday, propelled by Bitcoin’s (BTC) surge to new all-time highs at around $111,880. Meanwhile, altcoins continue to gain strength, with Bitcoin dominance (BTC.D) sliding to approximately 63.84%, buoyed by significant rallies in meme coins such as Fartcoin (FARTCOIN), Dogwifhat (WIF) and Popcat (POPCAT).

Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.