Ripple (XRP): One Mistake Might Mean a 70% Decline
  • Ripple remains in the woods, contemplating a potential 70% crash.
  • XRP has the final defense line at $0.58 before bears eye $0.18.
  • Bulls should step up and reclaim the $0.63 mark to prevent the anticipated drops.

Ripple (XRP) remains vulnerable for a substantial downside move after plunging beneath a crucial defense line. Meanwhile, a move beneath $0.58 can translate to further plummets as the prevailing chart setup predicts a 70% crash.

Ripple Bulls Should Reclaim $0.63

XRP had its price sliding beneath the symmetrical triangle pattern’s lower boundary on its three-day chart. With that, the remittance token revealed a possible 70% fall towards levels of $0.18. Meanwhile, XRP has the last defense line at the Momentum Reversal Indicator’s support line ($0.58) before hitting the bearish target. However, additional selling strength will take XRP lower towards 11 March lows of $0.42.

Another footing might appear near 127.2% FIB extension zone at $0.33 before the altcoin drops more to 28 January lows of $0.24. A substantial surge in sell orders might push XRP lower, hitting the bearish aim at $0.18.

Nevertheless, Ripple’s price reclaiming the governing technical pattern’s bottom boundary of $0.63 as support might ruin the bearish picture for Ripple. The cross-border transaction coin will meet another obstacle at 200 3-day SMA around $0.66, then 78.6% FIB retracement area near $0.71. Also, the stiff hurdle at 61.8% FIB retracement at $0.85 may confront the XRP price. Remember, a resistance zone also stands around this value zone.

Bulls’ aggressive actions to reverse the underperformance period and a surge beyond the mentioned obstacle might clear the road for Ripple to hit $0.98, the level where 50 3-day Simple Moving Average intersects with 100 3-day SMA.

If the alternative coin climbs beyond the governing technical pattern’s topside boundary, bulls might eye high aspirations at the 9 November peak at $1.34.

For now, XRP should avoid any move beneath $0.58 as it would attract bears to drive the alt lower, fulfilling the bearish target of 70% fall. Meanwhile, bulls require a close beyond $0.63 to cancel negative motives by sellers.

We have more cryptocurrency news on your way. Stay tuned.

Leave a Reply

Your email address will not be published.