Ripple (XRP) To Revisit $0.67 As Sell-off Risks Build-Up
- Ripple price consolidates beyond the support zone of $0.746, indicating a potential minor upward move.
- Ripple’s inability to climb higher, plus losing the support mark of $0.746, might catalyze a 17% downside to $0.67.
- A 4-hr candle close beyond $0.818 will form a higher high, annulling XRP’s bearish narrative.
Ripple (XRP) has seen downside actions since forming a local peak on 8 February. The latest plummet appears to respond to BTC’s recent retracement. Furthermore, XRP exhibits capping conditions, suggesting that the remittance coin might plunge lower.
Ripple to Re-establish Directional Trend
For now, Ripple hovers beyond the support floor of $0.746, contemplating a move to retest the resistance barrier at $0.818. A rejection around this value area remains critical for a steep downside. Presuming that happens, XRP will retest the footing at $0.746.
Breaching this foothold seems possible according to Bitcoin’s current conditions. That way, investors may expect the cross-border transactions token to plummet further because of the FVG (Fair Value Gap).
Meanwhile, Ripple’s inefficiency during the initial upside move supports the token’s bearish picture. With that, a 17% downside move appears possible for Ripple.
Ripple pushing for a 4hr candlestick close past $0.818 will reveal a higher high despite the fair value gap. Such a move will cancel XRP’s bearish thesis. Meanwhile, bulls might take the altcoin higher towards the hurdle of $0.866.
If Ripple clears this ceiling, the remittance token might surge to retest the resistance barrier at $0.917 and gather buy-stop liquidity beyond the level.
Furthermore, the bearish actions in the overall marketplace weigh on Ripple. The global market capitalization reflects plummets by top cryptocurrencies, hovering around $1.83 trillion at this publication, reflecting a 1.28% drop over the previous day.
The ongoing bearish attitude in the crypto space emerged as investors fled risk markets amid increasing tension between Ukraine and Russia. Such sentiment supports XRP’s downside move towards the $0.67 value area. The asset’s inability to climb high plus $0.746 support weakness might catalyze a 17% drop towards the mentioned bearish target. Nevertheless, a decisive move past $0.818 will cancel the highlighted bearish case.
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