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XRP price has more room to fall as Ripple bears eye 23% descent

  • XRP price could fall lower in search of reliable support at the lower boundary of the prevailing chart pattern
  • However, slicing below $0.63 could put an additional 71% decline on the radar.
  • Ripple bulls may face tough hurdles ahead even if buying pressure rises.

XRP price could be vulnerable to decline further as Ripple fails to find buyers in the market. The cross-border remittance token’s trading volume has diminished and may continue to slide lower to discover reliable support. 

XRP price searches for meaningful support

XRP price is trapped within a symmetrical triangle pattern on the 3-day chart, suggesting that Ripple could continue to consolidate further. The token could fall further to discover meaningful support at the lower boundary of the prevailing chart at $0.63, resulting in a 23% decline.

The first line of defense for XRP price is at the 78.6% Fibonacci retracement level at $0.75, coinciding with the August 8 low. Ripple will find an additional foothold at the July 12 high at $0.65.

If XRP price slices below the downside trend line of the governing technical pattern at $0.63, a 71% decline toward $0.18 could be on the radar, a bearish target given by the symmetrical triangle pattern.

If selling pressure increases, Ripple could continue to slide lower toward the June 24 low at $0.58, coinciding with the support line given by the Momentum Reversal Indicator (MRI).

XRPUSDT

XRP/USDT 3-day chart

However, if the bulls manage to reverse the period of underperformance, XRP price could aim for the nearest resistance at the 61.8% Fibonacci retracement level at $0.88, then at the 100 three-day SMA at $0.97, intersecting with the 50% retracement level.

Additional obstacles may emerge at the 21 three-day SMA at $1.00, then at the 50 three-day SMA at $1.04. If buying pressure increases, XRP price may even aim higher toward the 38.2% Fibonacci retracement level at $1.06, before Ripple attempts to tag the upper boundary of the prevailing chart pattern at $1.17, where the 23.6% Fibonacci retracement level also sits.

Author

Sarah Tran

Sarah Tran

Independent Analyst

Sarah has closely followed the growth of blockchain technology and its adoption since 2016.

More from Sarah Tran
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