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

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).

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.