Ripple Price Prediction: XRP doomsday in the making pt.2

  • XRP price loses support from the 8-Exponential and 21-Simple Moving Averages. 
  • The largest candle during September is now attributed to the bears. 
  • Invalidation of the bearish thesis is a breach above $0.41.

Ripple’s XRP price could show early evidence of a decline to  $0.30. Key levels have been identified.

XRP price has seen better days.

Ripple’s XRP price is in an unfortunate position. Since August, the digital remittance token has lost 20% of its market value, unable to successfully retaliate against the bearish force for more than a few hours at a time. During the first trading days of August, XRP price consolidated near the mid-$0.33 zone, prompting optimism amidst speculations of a final SEC negotiation underway. 

On August 6, the bears firmly rejected re-entrance into the $0.33 barrier, and the XRP lost 5% of market value within hours. The 21-day simple moving average catalyzed the decline as the evening star pattern was just below the barrier on the 4-hour time frame. 

It is worth noting that the 8-day Exponential Moving Average was also breached during the decline, which is a subtle testimony of the bearish strength. As a consequence of the resistance, large bearish engulfing was printed and now stands as the largest candle printed for the entirety of September.


XRP USDT 4-Hour Chart 

XRP price currently auctions at $0.325. If the bearish stronghold is genuine, the XRP price a sweep the lows event could already be underway. The bears could have the power to send XRP price back to sub $0.30 territory. Key levels of interest are the June 18 swing low at $0.28 and liquidity levels dating back to January of 2021 near the $0.24 and $0.21 levels. Such a decline would result in a 40% decrease from the current XRP price.

Invalidation of the bearish thesis is a breach above $0.41. If the bulls can hurdle this boundary, they could kick off an Autumn rally targeting $0.46, resulting in a 40% bullish rally from the current market value. 

In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team

About the Author

You may also like these