XRP price sees bulls getting squashed against lower support
|- Ripple price tries to eke out gains for this week as price action remains underpinned.
- XRP price is making lower highs for a third week in a row, pointing to a bearish squeeze.
- Expect a breakout anytime soon, with XRP price at risk of dropping 52%.
Ripple (XRP) price sees bulls not enjoying their reclaiming of the $0.36 hurdle for long. With pressures mounting, more bearish signals are emerging, firstly pointing to the end of the summer rally and secondly possibly seeing a breakout soon that could fall in favor of the bears. With these elements, XRP price stands to lose 52% and erase the whole incurred gains from this summer.
XRP is set to fall back at entry before the summer
Ripple price has been struggling since last week as it had to cut short its winning streak of consecutive weekly gains. With only four on the docket, a new one would be more than welcome to keep trust in the cryptocurrency. However, the high of this week coming in lower than last week and, in turn, that low coming in lower than the one from the last week of July points to a severe squeeze.
XRP price could be at risk of losing interest from bulls, for example, Ethereum price action has a much clearer and supported rally to trade on. XPR price will probably see bulls being pushed against and below the 55-day Simple Moving Average next week and the pivotal support at $0.36. Certainly, should the dollar strength return from its summer recess, expect to see even a falling knife towards $0.1730 as the low of 2022 will be tested as thin liquidity in the summer months magnifies certain moves.
XRP/USD Weekly chart
To the upside comes a possible bounce off $0.36 and the 55-day SMA just below, underpinning price action. Within its area, XRP price could rally towards $0.50 and hit that level for the first time since May, making it a perfect swing trade. A 40% gain is not too bad for a cryptocurrency lagging a bit on its peers and has some catching up.
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