XRP price proposes lower targets amidst SEC delays and inflation pressures
- XRP price has breached a daily trend channel.
- XRP price is seeing an uptick in sellers' volume.
- Invalidation of the bearish case is a breach above $0.72.
XRP price looks concerningly bearish. SEC delays and global inflation seem to have bulls showing up in low proportion compared to the bears.
XRP price is poised to make another decline
XRP price looks to be prepping for sharper declines as a consolidative trend channel has been breached. Currently, the XRP price trades at $0.60 below the trend channel. The current Ripple price action could indicate a future decline into last week's invalidation level at $0.54.
XRP price also shows an uptick in seller volume on the daily chart. If the technicals are correct, the XRP price could drop further to $0.48 and $0.44. Currently, there is not enough evidence to consider a countertrend rally for the XRP bulls. The recent SEC ruling delay and overall inflation hikes could be behind the current discounted price.
XRP/USDT 1-Day Chart
The invalidation for the bearish thesis is now a close above the consolidative trend channel currently marked at $0.68 but subject to change if sideways market conditions persist in the coming days. If the bulls can breach past the consolidation barrier, the $1 XRP price level will be back on the table, resulting in a 65% increase from the current Ripple price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
