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XRP Price Prediction: Ripple bears prepare for 40% collapse

  • XRP price has seen its uptrend retreat and is now at risk of falling an additional 40%.
  • Ripple failed to galvanize investors’ enthusiasm as bears target $0.38.
  • XRP may be able to discover reliable support at $0.63 before dropping further.

XRP price slipped below the lower boundary of the governing technical pattern which acted as a crucial level of support for Ripple. The cross-border remittance token has put a bearish forecast of a 40% decline on the radar. 

XRP price at risk of tumbling toward $0.38

XRP price has collapsed below the lower boundary of the symmetrical triangle pattern on the daily chart, projecting a 48% decline from the downside trend line toward $0.38. 

The bears have already kickstarted the nosedive and Ripple is still awaiting a 40% fall toward the aforementioned pessimistic target.

The first line of defense will emerge at the multi-month support trend line that was formed on June 21 at $0.63. An additional foothold may appear at the June 25 low at $0.58 before dropping toward the 127.2% Fibonacci extension level at $0.50.

XRP price may discover additional reliable support at the March 24 low at $0.45 and at the March 11 low at $0.42 before Ripple falls toward the bearish target.

However, if a spike in buy orders occurs, XRP price may face resistance at the 78.6% Fibonacci retracement level at $0.69 before targeting bigger aspirations.

XRP price will meet another hurdle at $0.76, where the 61.8% Fibonacci retracement level and the 21-day Simple Moving Average (SMA) meet.

XRPUSDT

XRP/USDT daily chart

Additional buying pressure may incentivize XRP price to move higher toward the 50% retracement level at $0.81, coinciding with the 50-day SMA before targeting the upper boundary of the symmetrical triangle pattern at $0.90.

Breaking above the topside trend line of the prevailing chart pattern could unleash additional upside potential for XRP price, potentially reversing the period of underperformance. 

Author

Sarah Tran

Sarah Tran

Independent Analyst

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

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