- 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.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Can Solana price enter a 50% relief rally?
Solana price is in the beginnings of a quick recovery rally that could propel it back to levels that were last seen nearly two weeks ago. Two technicals back the claim for why SOL could be ready for this ascent.
Ethereum Price Prediction: ETH will sweep the lows at $1,500
Ethereum price displays reasons to believe in a ‘sweep the lows’ event in the coming days. Traders should approach the smart contract blockchain with caution.
Assessing the possibility of a 40% upswing for Cardano
Cardano price is in a spot favorable for the bulls and short-term traders as a rally might be in the works. A minor retracement will allow interested buyers an opportunity to accumulate ADA at a discount before catalyzing an explosive uptrend.
Bitcoin Weekly Forecast: The last rebound before capitulation
Bitcoin price is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the highier time frames suggests that the bottom is not in yet.
Bitcoin: The last rebound before capitulation
Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.