On June 29, the price of XRP sliced through the range low of $0.65, signaling a comeback of buyers.
Ripple might rise after a brief drop to $0.783, the 70.5 percent Fibonacci retracement level.
The bullish scenario will be invalidated if the support level at $0.581 is broken.
Since bottoming on June 22, the price of XRP has made two higher lows and two higher highs. This action shows that buyers are present. While the recent local high may cause a retreat, it will aid the bulls in uniting and propelling Ripple to crucial levels.
The price of XRP has been steadily declining since June 14, but it made an intermediate swing high of $0.783 on June 21 before the sell-off became more severe. This crash bottomed at $0.509 on June 22 and rebounded 44 percent to set up two swing highs, the most recent of which was at $0.734.
Ripple is expected to drop down to the immediate support level of $0.65, which is the range low. If buyers are successful in rescuing the XRP price, a new leg-up will begin. A failure, on the other hand, might prolong the correction to the demand barrier at $0.581, with no effect on the upward potential.
The price of XRP is predicted to rise to a higher high around the 70.5 percent Fibonacci retracement level of $0.783, which corresponds to the swing high achieved on June 14.
This would be a 20% increase from the range’s bottom.
4-hour chart of XRP/USDT
While a retracement is predicted, a break below the $0.581 support level indicates that the sells are outnumbering the buys. The bullish thesis will not be harmed by a momentary dip below the stated barrier, but failing to climb beyond it will contradict the optimistic narrative.
In this event, investors should expect a 12% drop in the price of XRP to hit the demand barrier at $0.509.
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