In our last Ripple price prediction, we wrote how XRP boomed higher after a heavy adjustment. Following that surge, the price adjusted to our target of $0.78 and assumed that the price could reach $0.86 soon. Interestingly, XRP prices are following the Fibonacci retracement. In this article, we’re going to exactly see those retracement levels, and analyze whether XRP price will fall lower or continue higher.
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XRP Price hits strong Resistance – will the Sell-off follow?
Ripple price has formed a strong trend line over the past few months. This trend line regularly provides resistance and steadily pushes the price down. As we hit this trendline on the last move up, we might see a bigger sell-off first. This could be the current low (+/- $0.7429). In general, it can be said that the Ripple price will fall below $0.50 in the next few weeks. The prerequisite for this would be that the trend line will continue to serve as resistance and not break.
How far could the XRP price fall in the short term?
The Ripple price could sink a little lower. The GoldenPocket from the recent rise is around $0.71. Since courses often correct up to the GoldenPocket, we also assume this here. Not only is the GoldenPocket at $0.71 but there is also horizontal support. With two supports on top of each other, the price could find more buyers than usual. This increases the likelihood that the Ripple price will develop a new short-term uptrend there. The targets, if we respect the GoldenPocket, are $0.78 and the trendline.
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