Ripple XRP to Revisit $0.67 as its Sell-off Pressure Persist
XRP price is currently consolidating above the $0.746 support level, where a minor upswing is likely to happen. However, the inability to pass this level will trigger a 17% sell-off to $0.67. On the other hand, if the token closes at $0.818, it will invalidate this bearing possibility and let the token recover.
XRP price continues to dance around bearishness since it reached its local top on February 8. This recent downswing might be a result of Bitcoin’s correction. In the coming days, the upside for Ripple XRP appears to be capped, making the coin’s rise less likely.
The price of the digital token is hovering above the $0.746 support level and is eyeing to test the resistance barrier at $0.818. If it fails to clear this level, the coin will see a steep downtrend before retesting the foothold at $0.746.
A fall to a lower level is likely for XRP. Especially considering the recent outlook surrounding cryptocurrencies, especially Bitcoin. Investors can expect the cross-border remittance token to slide further, especially with the Fair Value Gap (FVG) influence. Moreover, the inability of XRP price to break past the $1.00 barrier after its local high adds credibility to a bearish prediction. In total, Ripple XRP could be facing a 17% drop in the coming days.
On the other hand, this bearish prediction will be invalidated if the XRP manages to push past this issue and produce a four-hour candlestick near the $0.818 level. If this happens, XRP bulls and the rising number of XRP mega whales will likely push the XRP towards the $0.866 hurdle.
If Ripple manages to clear this hurdle, market makers are likely to come in and push the token to test the next hurdle at $0.917. The market makers will collect the buy-stop liquidity resting over this level when this happens.