Following a phenomenal spike of 73% on 13 July with a partial win in the SEC case, the Ripple coin price reached the height of $0.82. However, following the partial win, the XRP prices struggled to maintain the bullish rally leading to a double top formation at the $0.82 mark with a neckline at the $0.70.
Moreover, the falling XRP prices have a bearish wedge pattern in the daily chart. After a few days of consolidation at $0.70, the extensive selling pressure at the resistance trendline led to a sharp fall in Ripple’s market value.
The downfall accounts for a 12% drop in the last four days, making four consecutive bearish candles. Moreover, the RSI line maintains a declining trend as it breaks below the halfway line, projecting a solid underlying bearish momentum.
The deadly discount in the Ripple coin price led to the breakout of the falling wedge pattern and the 38.20% Fibonacci level at $0.64.
Currently, the XRP market price struggles to sustain about the 50-day EMA. However, the rise in selling pressure projects a downtrend continuation to the 61.80% Fibonacci level at $0.53. Moreover, a support zone coincides with this 61.80% fib level increasing the likelihood of a bullish comeback.
The downfall to $0.53 also comes as the retest of the bullish breakout, making it a crucial buying spot.
In conclusion, the downward trend in the Ripple coin prices is expected to continue to discount the market value by 15%. However, a bullish reversal from the 50-day EMA might retest the bearish wedge breakout at $0.64.
