Published 15 mins ago
On July 13th, the Ripple coin price experienced an impressive surge of 73% due to a partial victory in the SEC lawsuit, reaching a peak of $0.82. However, after this partial triumph, XRP struggled to keep up the upward momentum, resulting in a double top formation at the $0.82 level and a neckline at $0.70. A recent breakdown from this support triggered extended correction for this altcoin.
Also Read: Ripple Joins Top Global Derivatives Trade Body IDSA
XRP Price Daily Chart:
- A breakdown below the wedge pattern support sets the XRP price for a 15% drop
- The 20-day EMA slope may flip into a suitable resistance
- The intraday trading volume in the XRP is $1.4 Billion, indicating a 17% gain.
Source: Tradingview
The declining XRP prices have formed a bearish wedge pattern on the daily chart. After several days of stability at $0.70, intense selling pressure at the resistance trendline triggered a significant drop in Ripple’s market value.
This downturn represents a 12% decrease over the past four days, with four successive bearish candles. This significant reduction in this altcoin price resulted in the break of the falling wedge pattern and the 38.20% Fibonacci level at $0.64.
At present, the XRP market price is having difficulty maintaining above the 50-day EMA. However, the increase in selling pressure suggests a continued downtrend to the 78.6% Fibonacci level at $0.53. Interestingly, a support zone aligns with this 61.80% fib level, which could increase the chances of a bullish resurgence.
XRP Price to $0.53?
The XRP coin price is anticipated to continue its downward trend, potentially reducing the market value by 15%. However, a bullish turnaround from the 50-day EMA could lead to a retest of the bearish wedge breakout at $0.64. If the coin price shows sustainability below this level, the potential short sellers can enter for a downfall to $0.53.
- Bollinger Band: A downsloping lower band of Bollinger band indicators reflects high momentum selling in the XRP price.
- Relative Strength Index: The falling RSI slope breaks below the midpoint indicating strong underlying bearish momentum
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/xrp-price-heading-to-0-6-dip-worth-buying/