Trader Highlights Potential Retracement for XRP Below $0.50
XRP has maintained a downward movement recently after hitting the $0.9380 high with the news of Ripple's partial win on July 13. Contrary to numerous speculations, the asset failed to reach the $1 price level, spreading disappointment across the community.
This prominent crypto analyst and trader, Johnny, has highlighted a potential retracement pattern for XRP. He noted that the token could fall below the $0.50 region, but may regain momentum to scale above $1 later.
Analysis of XRP's Price RetracementJohnny's analysis on XRP came after the continuous anticipation for the token's rally to $1 within the past few weeks. But the trader revealed that XRP's possible price rally to $1 is programmed.
According to the analysis, Johnny noted pointers from a 12-hour XRP chart posted on X (Twitter) recently. From the chart, the data indicating a drop in XRP's price below the $0.73 region depicted a critical drop below a key price level.
The analyst highlighted an important support level at $0.7321, leveraged by XRP as a hedge against dips below the $0.70 region.
But Ripple crashed below the price mark on July 24 as the bears overturned the support level to resistance. The bears were stiff-necked at resisting all attempts to reclaim and maintain a position above the $0.73 territory.
XRP only retested the $0.7321 mark for the last time on July 27 but lacked the momentum to retest the price level afterward.
With the increasing pressure from the bears, Ripple (XRP) faces intermittent dips while struggling to hold above the $0.70 support level. The declines even took the asset to the lowest range of the price support zone before losing complete anchor on the level.
The bearish trend pushed XRP to close below the $0.70 mark for the first time since July 13. In his analysis, Johnny predicted a possible consolidation at XRP's present price range while suggesting that XRP will significantly decline in September, with the price reaching below the $0.50 mark.
Analyst Programmed XRP to $1Johnny's analysis predicts that XRP would face a complete retracement to former price levels before the surge triggered by Ripple's partial victory against the SEC. The projection in the analysis indicates a bearish sentiment. However, Johnny stuck with the idea that XRP would spike to hit its long-waited $1 price.
Johnny had laid a previous analysis indicating XRP's inability to break the resistance at $0.82 during the period. Also, he pointed out a potential decline in the price trend for the token before it could trigger a rally to $1 in the future.
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