fxstreet.com
- Ripple price witnesses rejection from a critical trend line.
- Macro confluence levels suggest a $0.24 target.
- Invalidation of the bearish thesis is still a breach above $0.48.
The drop in Ripple price does not look like an ordinary sell-off. Market sentiment may be snoozing behind the wheel.
XRP price falls “penny from eiffel’ style
XRP price could be heading for a devastating decline in the coming days if market conditions persist. The digital remittance token lost support from the descending Elliot Wave Trend Channel (EWTC) on Monday July 25. The rejection from the historical barrier is a classic catalyst maker. If the technicals are correct, XRP price has begun a wave 5 which targets $0.24 and lower.
XRP price currently auctions at $0.32. In recent days, a Ripple smart contract has surfaced within the community. Additionally Colombia has pledged collaboration with XRP foundation for through a XRP Ledger intended for Colombian real estate inventory.
Despite the bullish optimism clouding XRP price, the technicals display an opposite idea. The bearish thesis is still early thus, invalidation of the trend remains $0.48 until further notice. If the bulls can conquer the invalidation level, they may be able to re-route north, targeting $0.90 that would result in a 150% increase from the current XRP price.