The XRP price is showing a significant reduction in its strength in the recent days which could affect the upcoming rally. Similar to the CEL pump on the previous day, XRP price may also face a downside correction, but perhaps a longer squeeze. Hence, there will be a sharp decline in XRP price in the coming days which may drop below the level of $0.2.
Will the XRP price stay at the $0.3 level by the end of the month?
For the past few days, XRP price has been following a healthy consolidation just above the low support level of $0.3019. The previous asset consistently tested these levels and continued to rally strongly. Therefore, it is believed that in the coming days, another breakdown can be quite possible.
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XRP price broke lower support after a recent breakout from a descending triangle. Despite a strong rally, the asset is now consolidating parallel to these levels. Hence, it shows that buyers are in a good position and can prevent the asset from falling below the $0.3 level. However, the trading set-up for the asset is quite bearish as the indicators are quite bearish.
The RSI has been hovering with lower support since back in May and seems unable to flip a consolidation lower. On the other hand, MACD is also very bearish as the line has been below the average range since mid-April and there is no upside potential.
Therefore, looking at the technical and chart patterns formed, it is clear that XRP price could face a steep decline once the bulls get exhausted. The asset is likely to keep accumulating between $0.31 and $0.33 in the coming days. However, a drop in the price to $0.2 or less at this point of time appears to be pre-determined.
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