Friday, December 2, 2022

XRP Price Technical Breakdown Could Drop By 40% In July

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The XRP price technical breakdown could drop by 40% in July and the bearish outlook is driven by the mix of these factors that can see the price reach $0.18 next so let’s read more today in our latest Ripple news.

The XRP price technical breakdown shows the price of XRP could drop further and the price is already staring at potential losses in the coming weeks as it breaks out of the descending triangle pattern with the bias pointed towards the downside. To recap, XRP started forming a technical structure after hitting $1.98 in 2021 as the second-highest level to date. In doing so, the token trended lower inside the range defined by the falling resistance trendline and the horizontal support trendline.

XRP broke below the triangle support trendline by  May 16th, with a decent increase in trading volumes. The move confirmed the descending triangle as a bearish reversal indicator and in the meantime, XRP risks extending the downside move by as much as the triangle’s maximum height when measured from the breakdown point and this could take XRP To $0.18 down by 40% from June’s price. The XRP bearish setup appeared amid a broader selloff that took place across the marekt with some tokens trading more than 90% below the record highs established last year.

The tailspin started in May after Terra, the stablecoin project collapsed due to a failure of the staking system. The debacle found the match in the Celsius Network and one of the biggest crypto lending paltform and paused the crypto withdrawals in June because of the extreme market conditions. Since then, the market was facing a piece of bad news after another as we saw the Three Arrow Capital’s insolvency owing to the bad debts and risky trades to crypto lender Babel Finance which halted the withdrawals as well because of liquditiy issues.

The macro risks favor XRP’s downside as well with the FED 0.75% interest rate hike this June 15 and ensured the lower liquidity for the investors to speculate on the risky assets. Kevin Cage runs Iron Key Capital which is a crypto-focused hedge fund and says XRP will survive the bear market. In the meantime, Bleeding Crypto said that XRP could fall to $0.17 but anticipates the token will undergo a rebound move after hitting this level:

“Looks like it may be going for a full reset of this past bull run.”

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