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- XRP price could be on the edge of further losses as it reaches the make-or-break point.<\/strong><\/li>\n
- Slicing below $0.80 could spell trouble for the bulls, as Ripple could be vulnerable to a 38% plunge.<\/strong><\/li>\n
- In order to void the bearish outlook, XRP would need to reclaim $0.85 as support.\u00a0<\/strong><\/li>\n<\/ul>\n
XRP price is on the brink of further collapse as Ripple is nearing a critical line of support. Slicing below the crucial line of defense could see the token falling 38%, reaching $0.49 if momentum fails to shift toward the upside.<\/p>\n
XRP price on edge of further decline<\/h2>\n
XRP price<\/a> has formed a parallel channel pattern on the daily chart as the token continued to consolidate. Ripple is nearing the lower boundary of the governing technical pattern at $0.80 which acts as crucial support. If the token slices below the aforementioned line of defense, it could face a massive decline.<\/p>\n
The prevailing chart pattern suggests a 38% nosedive from the downside trend line, projecting a bearish target of $0.49.\u00a0<\/p>\n
XRP price<\/a> will discover multiple areas of support before the bears attempt to drive prices down toward the pessimistic target. Ripple will find its second line of defense at the August 9 low at $0.76. Additional foothold will appear at the July 12 high at $0.65, then at the multi-month ascending support trend line at $0.60.<\/p>\n
An increase in selling pressure could push XRP<\/a> price down toward the June 25 low at $0.58, then toward the 78.6% Fibonacci<\/a> retracement level at $0.55 before Ripple reaches the parallel channel\u2019s projected bearish target.<\/p>\n
![\"XRPUSDT\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/XRPUSDT_2021-12-11_10-43-37-637747874235851125.png\")
<\/a><\/p>\nXRP\/USDT daily chart<\/small><\/p>\n
However, if XRP price manages to sustain above the lower boundary of the governing technical pattern at $0.80, Ripple<\/a> may be able to void the bearish forecast<\/a> by reclaiming higher levels, starting with the 61.8% Fibonacci retracement level at $0.85.\u00a0<\/p>\n
If a spike in buy orders occurs, XRP price may target the 21-day Simple Moving Average (SMA) at $0.93, then at the 200-day SMA at $0.95.\u00a0<\/p>\n
Bigger aspirations will target the middle boundary of the parallel channel at $1.02, then at the 50% retracement level at $1.06, which intersects with the 50-day and 100-day SMA.<\/p>\n
\n - Slicing below $0.80 could spell trouble for the bulls, as Ripple could be vulnerable to a 38% plunge.<\/strong><\/li>\n