Ripple’s XRP Rally To Induce Price Drop At This Level Soon?

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Amidst frequent ups and downs in the recent times, XRP price steadied around $0.33 in the last week. But the recent high of $0.38 is yet to be realized, with price fluctuating under $0.36 until last week. Meanwhile, another short rally for Ripple (XRP) could result in a price drop for the seventh ranked cryptocurrency.

As of writing, XRP price stands at $0.33, down 5.10% in the last 24 hours, according to CoinMarketCap. On a weekly basis, the asset dropped 1.60%.

XRP Price Drop On The Way?

If the current range of $0.33 leads to a rally to the $0.35 level, XRP could witness a bearish momentum, according to Bitcoinsensus. At the $0.35 level, the asset could drop to as low as $0.27 if the bearish pattern continues, it said.

“XRP can rally to $0.3580, and if we see bearish rejections around this level, we can expect the next drop to $0.3230/$0.2970 and $0.2760. XRP is reaching the FIB level around $0.3630. If bearish patterns appear price will fall to these targets.”

Ripple is yet to reach the Fibonacci level of $0.36 but another target of $0.32 is well within the reach. If the cryptocurrency reaches $0.32, a drop to $0.29 and $0.27 are quite possible in short term. “We saw a perfect retest of the FIB level, and we’re reaching Target 1 of $0.3230. Soon, we will potentially drop to $0.2980 and $0.2760 too.”

Breakout at $0.38 Level?

For XRP price to see a bullish momentum, a breakout at $0.38 appears to be needed. In the recent times, XRP was stuck between the $0.388-$0.315 zone. A bullish trend might be seen for the cryptocurrency if this zone is broken. Last month, the asset saw a high of $0.40 before maintaining the corrected price levels. Interestingly, the highest price for the asset in the last three months was at $0.42 at the end of May. Meanwhile, a low of $0.30 for Ripple was seen in the middle of June, after which the price fluctuated around $0.36.

Anvesh reports major developments around crypto adoption and price analysis. Having been associated with crypto since 2016, he is now a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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.



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