- Ripple price has breached the $0.33 level and has lost 10% of market value in two days.
- XRP price prints an impulsive wave down with an uptick in volume.
- Invalidation of the bearish thesis is a re-hurdle above $0.345.
XRP price needs to defend against the current downtrend soon or a sweep the lows event could occur.
XRP price is losing ground
XRP price is in trouble as the bears persistently flex their control. Following the US CPI release on September 13, Ripple has fallen 10%. Consecutive bearish engulfing candles have been established on higher time frames, and an uptick in bearish volume has surfaced during the selloff.
XRP price currently auctions at $0.328. A Fibonacci Retracement surrounding the initial bull run during September shows the bulls have lost support at the 50% and 61.8% retracement levels. If the bulls cannot retaliate with a bullish candlestick of equal or more value to the large candle sticks established on September 13, a sweep of the low’s event could occur in the coming days. The first key target for the bears will be the summertime swing low at $0.290.
Invalidation of the bearish thesis is a closing candle above the 8-day exponential moving average at $0.345. If the bulls can hurdle the barrier, a countertrend rally could occur towards the recent swing highs at $0.360 and $0.390. Such a move would result in a 19% increase from the current XRP price.