Ripple (XRP) To Secure Dependable Support at $0.65 before Launching an Uptrend

  • XRP price seems to slide low to test crucial support levels before experiencing a reversal.
  • Ripple might plunge to 200 3-day SMA at $0.65.
  • XRP bulls may be contemplating a comeback after tagging the governing technical pattern’s lower boundary.

Ripple might be forming a ‘buy’ opportunity before XRP bulls launch a massive recovery. The cross-border transactions currency might secure a dependable support floor at $0.65 before a substantial reversal to higher price zones.

Ripple Price Provide Buy Opportunity

Ripple price has created a symmetrical triangle setup on the 72-hour chart, indicating indecisions between sellers and buyers. Nevertheless, the remittance coin approaches a critical support line at the prevailing chart’s lower boundary.

The alternative coin might slide to lower zones as trading volume weakens. With that, the crypto will fall to 61.8% FIB retracement zone at $0.75, then 30 June peak at $0.71. if selling momentum continues to build up, Ripple price may plunge to 78.6% FIB retracement zone at $0.68 before hitting the 200 3-day SMA at $0.65, matching the governing technical pattern’s bottom border.

Another surge in sell order might push the remittance coin lower beneath the symmetrical triangle’s downward trend-line. However, a defense line will showcase at 24 June low at $0.58, the level intersecting with Momentum Reversal Indicator’s support line.

If XRP bulls step up to reverse the underperformance period, the altcoin will meet its initial resistance line at a 50% retracement mark at $0.80. More buying pressure will have XRP tagging 38.2% FIB retracement zone near $0.85, then 23.6% FIB retracement zone around $0.91, matching the 21 3-day Simple Moving Average.

A surge in buy orders and higher aspiration will propel Ripple towards the upside zone at 100 3-day SMA at $0.98, then 50 3-day Simple Moving Average of $1.02. Nevertheless, Ripple will experience a full swing recovery if XRP bulls tag the prevailing chart’s upper boundary at $1.13.

For now, enthusiasts may witness XRP falling to secure a reliable footing before embarking on a massive upward rally. Moreover, the emerging bullishness in the overall market will support XRP recoveries. It might be interesting to watch the upcoming reactions by the token. Stay around for the latest developments.

Author: Michael Ellis

Michael is an avid cryptocurrency enthusiast and writer. He is the main writer for Cryptocoin Stock Exchange.

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