Ripple’s XRP Rally To Induce Price Drop At This Level Soon?

Amidst frequent ups and downs in the recent times, XRP price steadied around $0.33 in the last week. But the recent high of $0.38 is yet to be realized, with price fluctuating under $0.36 until last week. Meanwhile, another short rally for Ripple (XRP) could result in a price drop for the seventh ranked cryptocurrency.

As of writing, XRP price stands at $0.33, down 5.10% in the last 24 hours, according to CoinMarketCap. On a weekly basis, the asset dropped 1.60%.

XRP Price Drop On The Way?

If the current range of $0.33 leads to a rally to the $0.35 level, XRP could witness a bearish momentum, according to Bitcoinsensus. At the $0.35 level, the asset could drop to as low as $0.27 if the bearish pattern continues, it said.

“XRP can rally to $0.3580, and if we see bearish rejections around this level, we can expect the next drop to $0.3230/$0.2970 and $0.2760. XRP is reaching the FIB level around $0.3630. If bearish patterns appear price will fall to these targets.”

Ripple is yet to reach the Fibonacci level of $0.36 but another target of $0.32 is well within the reach. If the cryptocurrency reaches $0.32, a drop to $0.29 and $0.27 are quite possible in short term. “We saw a perfect retest of the FIB level, and we’re reaching Target 1 of $0.3230. Soon, we will potentially drop to $0.2980 and $0.2760 too.”

Breakout at $0.38 Level?

For XRP price to see a bullish momentum, a breakout at $0.38 appears to be needed. In the recent times, XRP was stuck between the $0.388-$0.315 zone. A bullish trend might be seen for the cryptocurrency if this zone is broken. Last month, the asset saw a high of $0.40 before maintaining the corrected price levels. Interestingly, the highest price for the asset in the last three months was at $0.42 at the end of May. Meanwhile, a low of $0.30 for Ripple was seen in the middle of June, after which the price fluctuated around $0.36.