Ripple Price Has Retraced, Undoing Gains From Past Week

Ripple Price Has Retraced, Undoing Gains From Past Week

• Like most of the altcoins, Ripple (XRP) has lost the gains it accumulated over the last week.
• XRP has set multiple swings between $0.301 and $0.311.
• If the XRP price bounces off the $0.340 support, it suggests that the bulls are taking control.

Like most of the altcoins, Ripple (XRP) has lost the gains it accumulated over the last week, which is most probably caused by Bitcoin (BTC) struggling to keep its head above a historically significant level.

If bears were to take control of BTC, it could very well reflect in the price of XRP and other altcoins.

The Ripple price was able to break through a months-long descending resistance on July 18, which led to XRP seeing a 6.3% rally. During this period, XRP set a swing high of $0.380, and many believe that this is the top of the rally which started on July 13.

Since this high, XRP has set multiple swings between $0.301 and $0.311. This can be seen as a liquidity pool and will prevent XRP from going any lower.

XRP Perpetual Futures 1D (Source: FXStreet)

If XRP breaks through the descending trend line and the horizontal foothold at $0.340, it will confirm Ripple’s direction. In addition, if buyers are not able to defend this barrier, investors should expect a 10% in the price of XRP to $0.301.

On the other hand, if the XRP price bounces off the $0.340 support, it could suggest that the bulls are taking control. If this is the case, XRP could see a 10% rally to retest $0.380.

In a very bullish scenario, XRP could rally by up to 14% to reach a top at $0.387.

XRP / TetherUS 1D (Source: CoinMarketCap)

According to CoinMarketCap, XRP is currently trading at $0.3454 after a 4.52% drop in price over the last 24 hours.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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