Ripple (XRP) Weakens, Ready for Plunges to $0.70 Support
- XRP appeared ready for drops to $0.70 as the alt’s momentum weakened.
- The prevailing chart formation indicates dominant downtrends for the remittance token.
- Ripple should rise past $0.83 to cancel the bearish outlook.
Ripple (XRP) might plummet low as the asset’s momentum fails to switch to bullish, suggesting a potential 10% decline to $0.70. According to the prevailing chart setup, the remittance token might extend its consolidation actions.
Ripple Price Provides Bearish Projection
XRP had its price forming a descending channel on its 4hr chart. Such developments emerged as the cross-border transaction currency continued with its lower lows and lower highs. The alternative coin might decline lows to the governing technical pattern’s bottom border around $0.70. Moreover, buyers’ absence supports the negative notion.
The crypto might secure its first defense line at the prevailing chart setup’s middle boundary at $0.78, the level coinciding with 78.6% FIB retracement zone, then the 12 February lows of $0.74. Meanwhile, persistent selling momentum surge will see XRP price dropping towards the bearish target near $1.70. Remember, the parallel channel’s lower border, 200 4hr SMA, and 127.2% FIB extension zone intersect at this value area.
Losing the defense line mentioned above will confirm further declines towards the MRI’s support line near $0.65.
XRP/USD 4Hr Timeframe
Nevertheless, increased bullish sentiment will have Ripple facing the closest obstacle at 61.8% FIB retracement region around $0.81, corresponding with 21 4hr Simple Moving Average and 50 4hr Simple Moving Average.
Another obstacle might emerge at the governing technical pattern’s top boundary at $0.83, the level where the 50% retracement zone also sits. Ripple managing to overcome this resistance will annul the bearish case. Higher aspirations plus surged buying strength might see the alt eyeing the 10 February peak of $0.91.
While publishing this content, XRP traded with a bearish outlook at $0.7983, ranking six by market value. The downtrends emerged after the altcoin’s impressive moves that had Ripple outshining most tokens, rising from 8th to 6th. Nevertheless, the current weakness aligns with the bearish outlook in the overall crypto spectrum. For now, the overall cryptocurrency capitalization hovers at $1.88 trillion, following a 1.24% drop in the past day.
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