XRP price is setting up for another selloff to $0.70
- XRP price has settled below the supportive trend line.
- Ripple price has strong Fibonacci levels below $0.75.
- Invalidation of the bearish model will be a close above $0.92.
XRP price could fall into lower targets in the days to come. Early buyers should consider waiting for a touch in the low $0.70 zone before adding more risk to their portfolios.
XRP price is likely to fall
XRP price is currently setting up a classical break and retest trade setup on the 8-hour chart. Following the Evening Star printed on April 1st, the Ripple price has continued south, printing a bullish engulfing candle at $0.82. The $0.82 price may seem normal to investors, but from a technical point of view, the settling price below the trend line supported all of March’s price action, spells for a disastrous selloff in the coming days for XRP price.
XRP price will likely have the bears looking for a break away from the trend line as a catalyst before the next selloff. The volume profile also indicates an increase in bearish strength as the pattern has begun to favor the bears. A Fibonacci retracement tool suggests a typical 61.8% correction would send XRP prices to $0.71.
XRP/USDT 8-hour chart
Still, the XRP price could fool traders again and impulsively run towards $1. The safest invalidation for the bearish selloff will be a close above $0.92. If this scenario occurs, the XRP price will likely tag liquidity at $1. and potentially $1.08, resulting in up to a 33% increase from the current Ripple price
Author
FXStreet Team
FXStreet
