BULLISH AND BEARISH ENTRIES/  TARGET DESTINATIONS :

XRP price slipped below the lower boundary of the governing technical pattern which acted as a crucial level of support for Ripple. The cross-border remittance token has put a bearish forecast of a 40% decline on the radar. 

XRP price has collapsed below the lower boundary of the symmetrical triangle pattern on the daily chart, projecting a 48% decline from the downside trend line toward $0.38.

The bears have already kickstarted the nosedive and Ripple is still awaiting a 40% fall toward the aforementioned pessimistic target.

The first line of defense will emerge at the multi-month support trend line that was formed on June 21 at $0.63. An additional foothold may appear at the June 25 low at $0.58 before dropping toward the 127.2% Fibonacci extension level at $0.50.

XRP price may discover additional reliable support at the March 24 low at $0.45 and at the March 11 low at $0.42 before Ripple falls toward the bearish target.

However, if a spike in buy orders occurs, XRP price may face resistance at the 78.6% Fibonacci retracement level at $0.69 before targeting bigger aspirations.

XRP price will meet another hurdle at $0.76, where the 61.8% Fibonacci retracement level and the 21-day Simple Moving Average (SMA) meet.

 Additional buying pressure may incentivize XRP price to move higher toward the 50% retracement level at $0.81, coinciding with the 50-day SMA before targeting the upper boundary of the symmetrical triangle pattern at $0.90.

Breaking above the topside trend line of the prevailing chart pattern could unleash additional upside potential for XRP price, potentially reversing the period of underperformance.

XRP Just Above Deeper Bearish Corrective Levels

Jan 23 2022