Ripple (XRP) Enters Consolidation, Prone to Massive Drop
- Ripple saw its momentum shift to downtrends after the latest weakness.
- The remittance token might be ready for a 48% increase as XRP approaches a crucial support line.
- The prevailing chart setup predicts a bearish aim at $0.38.
Ripple (XRP) continued to print lower highs as the altcoin could not galvanize enthusiasm by investors. The remittance coin might be vulnerable to plummet if it loses a crucial defense line. That comes after the alternative crypto showed weakness amid the latest session.
Ripple Price Prone to Downsides
Ripple price printed a symmetrical triangle on the daily chart as the token extended its consolidations. Though the prevailing chart formation projects mixed predictions, XRP might be vulnerable to a 48% downward move towards $0.38.
XRP might witness the mentioned bearish outlook by the prevailing chart if the cross-border token slices beneath the governing technical setup lower border at $0.72. The altcoin’s initial defense line stands at 78.6% FIB retracement market near $0.68, then the 28 July low of $0.63, matching the multi-month foothold.
If selling momentum continues to surge, Ripple might plunge to the 26 June low of $0.58, then the 23 June low near $0.52. XRP might secure dependable support near the 127.2% FIB retracement zone around $0.48 before bears try to attain the pessimistic aim.
If bulls reverse the underperformance, XRP will ace the closest resistance at 61.8% IB retracement area at $0.75. Additional obstacles might appear at 21-day SMA at $0.78, then 50-day Simple Moving Average at $0.83.
Higher aspirations will eye the symmetrical triangle pattern’s topside boundary at $0.90. Market participants need to beware that breaking past the prevailing chart formation’s upper trend-line might lead to a 48% upswing for Ripple price.
If buying momentum continues rising, XRP would face hurdles near $0.96, the level where 100-day Simple Moving Average intersects with 200-day Simple Moving Average.
Meanwhile, Ripple follows the broad market trend. For now, the overall crypto spectrum flashes bearishness. The global market cap noted a 3.02% 24-hour drop, hovering around $1.95 trillion. Keeping such conditions will see XRP achieving its bearish aim.
Feel free to comment in the section below.