Amid the increasing bearishness in the crypto market, the XRP price witnessed a massive sell-off on August 17th, leading the correction trend to a low of $0.4226. Considering the high of $0.938, this downfall registered around a 54.5% loss in the last six weeks. Can the aforementioned support aligned with the 78.6% Fibonacci retracement level recuperate the bullish momentum?
Also Read: XRP Facing Bear vs Bull Showdown; Who Will Win
A keen look at the daily time frame chart shows the August 17th candle projects a long-tail rejection at the combined support at $0.422 and 78.6% FIB. This lower price rejection indicates accumulation at lower levels, leading to a minor pullback of 10%.
However, the price trend reverted immediately from a high of $0.5582, indicating the sellers continue to sell on a bullish bounce which is a common trait of an established downtrend. By the press time, the XRP price trades at $0.514 with an intraday loss of 2%.
With sustained selling, the coin price should drop another 17% to break the $0.422 support. This breakdown should continue the correction trend and push the prices to $0.35.
While the price action hints the XRP price may continue to lose more ground, the rising demand pressure at $0.422 can offer buyers an opportunity to counterattack. A potential upswing would get better confirmation of a bullish recovery if the buyers break above the August 17th high of $0.5948 high. The post-breakout rally would lead the price back to the $0.668 mark.
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