- Ripple price has erased its rally since last week’s soft patch.
- XRP price fell below last week’s low and looks set to hit a new yearly low.
- With the July pivots being so close together, a breakout is predicted anytime now.
Ripple (XRP) price appeared to be aiming for solid gains and a string of consecutive weekly gains following last week’s price action. However, the soft patch was cut short quite quickly and resulted in a complete downward reversal, wiping out all gains and even setting a bullish trap against investors who went long XRP at the break above $0.3616. With price action this week having moved above last week’s low, the rally has been halted anyway, and more room for downside is now open, possibly printing new lows for the year.
The price of XRP is expected to drop another 15% next week
Ripple price shattered many investors’ dreams this week as global markets made sure to remind traders that today’s extreme risks can erupt just as easily and established that this painful trade is not over but let him rather enter the next phase. As the weeks go by, it becomes increasingly clear what the game plan for the future will be: the United States will opt for a controlled recession while Europe will let inflation run wild and rely on the return time will heal all wounds, and during that time we will try to do something about him, but don’t set your hopes too high. Time will tell who had the right strategy, but for now the big money drain continues out of cryptocurrencies.
The XRP price on a purely technical basis will lose some more value in the coming weeks. As a new month has begun, pivot levels have been recalibrated for July and, on the face of it, a breakout should occur soon. Monthly pivots have less space between them than the previous month, indicating that price action is tightening against each other and volatility is slowing, making S1 at $0.270 an excellent candidate to cap the price of the XRP in the worst case towards $0.1730.
XRP/USD Weekly Chart
As mentioned in the paragraph above, the monthly pivot levels are coming together strongly, indicating that a breakout is due at any time. It might as well be a breakout to the upside. As volume declines through the summer months, bulls could seize on this momentum to pump the price action higher as the bears are out, sunbathe on the beach and grill their burgers, and carry the action. prices at $0.4974, registering gains of 59% on the back of that.