Will XRP Price Fall 40% By September? A Fractal Analysis Of India Crypto, Forta Crypto, & More

The double-digit percentage gains for XRP (XRP) this month may have reached the exhaustion point, reflecting the trends elsewhere in the cryptocurrency market.

This follows the euphoria surrounding Ripple’s partial win versus the U.S. Securities and Exchange Commission, resulting in bullish calls for as high as $15 in the coming months.

Despite this optimism, fractal analysis of XRP’s recent candlestick and price momentum patterns, particularly in comparison to the India crypto, Forta crypto, FET crypto and GST crypto markets, suggests that a sharp market correction is not off the table, particularly if history repeats.

Moreover, with Gemini crypto today, Fidelity crypto, latest crypto today, ISO 20022 crypto, HNT crypto and the impending arrival of Web 3.0, investors should remain vigilant and be prepared for any potential downturns.

XRP price fractal preceded 65% decline

It’s worth noting that certain XRP market signals preceded a 65% price drop in Q2, 2021. These are now being seen again, such as the multi-year descending trendline resistance and an “overbought” relative strength index (RSI), as illustrated below.

The descending trendline resistance (marked as “upper trendline resistance” in the chart above) has been limiting XRP’s upside since January 2018. This price ceiling is further strengthened by another horizontal trendline resistance (purple) near $0.93.

Overall, the resistance confluence, combined with an overbought RSI, now increases XRP’s chances of a market correction. In this case, XRP price will likely fall towards the lower trendline support near $0.52 by September, down almost 40% from current levels.

Interestingly, the downside target appears close to XRP’s 50-week exponential moving average (50-week EMA; the red wave), which raises the possibility of a bounce around this level. Moreover, the wave support was the local bottom level during the price decline in Q2, 2021.

As of July 20, XRP price is up 70% month-to-date, outperforming the broader crypto market, which has risen only 5% in the same period.

India crypto, Forta crypto, FET crypto, GST crypto, Gemini crypto today, Fidelity crypto, Latest crypto today, ISO 20022 crypto, HNT crypto, and Web 3.0 are some of the most important aspects of the crypto industry.