By Franklin Smith
- Ripple might see its price falling lower to search for dependable support around the prevailing chart pattern’s lower boundary.
- Nevertheless, breaching the $0.63 barrier can mean another 71% crash.
- XRP bulls might encounter challenges even with risen buying momentum.
Ripple (XRP) might be vulnerable to further declines as the remittance token fails to attract buyers in the marketplace. The negative sentiment had the alt’s trading volume diminishing, suggesting further plummets for XRP to secure a reliable footing.
Ripple Price Finds a Meaningful Support
The 72-hour chart shows Ripple price tapped inside a symmetrical triangle formation, suggesting that XRP might see extended consolidations. Meanwhile, the token may see a deeper plunge to secure a desirable support floor around the prevailing chart’s lower boundary at $0.63, translating to a 23% drop.
XRP has its initial defense line around 78.6% FIB retracement zone of $0.75, matching 8 August low. The cross-border token will secure another barrier around $0.65, 12 July peaks. Meanwhile, Ripple sliding beneath the governing technical pattern’s downward trend-line at $0.63 will mean a staggering 71% crash towards $0.18, the symmetrical triangle’s bearish target.
If selling momentum magnifies, XRP might extend its plummets towards the 24 June low of $0.58, corresponding with the Momentum Reversal indicator’s support line.
Bulls reversing the underperformances might see XRP targeting the nearest resistance at 61.8% FIB retracement zone ($0.88). After that, the alt will eye 100 three-day SMA of $0.97, the level crisscrossing with 50% retracement area.
Further obstacles might showcase around the 21 3-day Simple Moving Average around $1.0, then 50 3-day SMA of $1.04. Increased buying momentum by XRP might reveal higher targets toward the 38.2% FIB retracement zone at $1.06. After that, the alternative coin can try to tag the prevailing chart pattern’s upper border at $1.17, a level where 23.6% FIB retracement sits.
The negative sentiment in the crypto atmosphere appears to weigh on many alts, contemplating downward moves. That came after Bitcoin surrendered the $50K mark, exploring bearish actions near $46,700. Bitcoin needs a decisive move towards the vital area of $53K to support bullishness in the crypto atmosphere. Meanwhile, the upward narrative can materialize in the coming year. Stay tuned for what will happen.