XRP price braces for another selloff at $0.70
- XRP price settled below the favorable trendline.
- Ripple price has strong Fibonacci levels below $0.75.
- Invalidation of the bearish pattern will be a close above $0.92.
The price of XRP may fall into lower targets in the coming days. Early buyers should consider waiting for a touch in the low $0.70 zone before adding more risk to their portfolios.
The price of XRP is expected to fall
XRP price is currently setting up a classic breakout and retest trade setup on the 8-hours chart. After the Evening Star printed on April 1, Ripple price continued south, printing a bullish engulfing candle at $0.82. The price of $0.82 may seem normal to investors, but from a technical standpoint, the stabilizing price below the trendline supported all of March’s price action, heralding a disastrous sell-off in the next few days for the XRP price.
The price of XRP will likely cause the bears to look for a break with the trendline as a catalyst before the next big sell-off. The volume profile also indicates an increase in bearish strength as the pattern has started to favor the bears. A Fibonacci retracement tool suggests that a typical 61.8% correction would send XRP prices to $0.71.
XRP/USDT 8 hour chart
Still, the price of XRP could again fool traders and run impulsively towards $1. The safest invalidation for the bearish sell will be a close above $0.92. If this scenario occurs, the XRP price will likely mark liquidity at $1. and potentially $1.08, leading to an increase of up to 33% from the current Ripple price