XRP price prediction: Ripple estimates an 11% correction
- XRP price continued to recover after consolidating around $ 0.647, the middle of the range
- If the uptrend continues, Ripple could mark a 70.5% Fibonacci retracement level at $ 0.704 before moving lower.
- The bearish thesis could be invalidated if the discount token produces a decisive 4 hour candlestick closing above $ 0.727.
The price of XRP has seen a slow uptrend as it has ended a phase of consolidation and enters a high probability reversal zone. If the bullish fluctuations continue, Ripple is likely to enter this area and create a local high.
If investors continue to profit in this area, the reversal could push the Discount Token towards the midpoint of the trading range. A breach of this barrier will confirm the start of a new downtrend.
XRP price may soon hit a local high
The price of XRP has risen 8% since July 2 to reach $ 0.685. This rally broke through the 50% Fibonacci retracement level at $ 0.647.
The bullish momentum will likely continue to hold at current levels, leading Ripple to mark the 70.5% or 79% Fibonacci retracement level at $ 0.704 and $ 0.727, respectively.
The XRP price set a local high at $ 0.734 on June 29, so investors can expect a similar local high to be put in place.
Such a move will likely cause a downtrend that could push the transfer token down 11% to the midpoint of the range at $ 0.6470. If investors continue to post profits, the support level at $ 0.624 could be marked.
4 hour XRP / USDT chart
On the other hand, if the price of XRP breaks above the 79% Fibonacci retracement level at $ 0.721 and rebounds, it will signal a potential continuation of the uptrend.
In such a case, the bulls could trigger an 8% rally to retest the high end of the range at $ 0.785.