XRP price could fall again as the cryptocurrency market reacts to geopolitical shifts and gun control proposals

XRP price is witnessing a steep decline since this weekend's rally.
Ripple price is increasing shorts on the volume profile volume.
Invalidation of the bearish thesis is still a close above 0.44.

XRP price is likely to fall into the mid $0.30s again. Traders should keep the digital remittance token on their watchlist in hopes of catching a profitable trade.

XRP price is on track for $0.30 lows

XRP price is still on pace for more decline. It was mentioned in last week's thesis that a countertrend rally could occur, but the overall downtrend would remain intact unless $0.44 were touched. The XRP price validated the bearish idea, producing a profit-taking rally while leaving the invalidation point unscathed. Traders looking for more upside potential should proceed with caution.

XRP price is currently trading at $0.40 as the bulls are trying to regain strength following the steep bearish engulfing candle produced on June 1. The strong declining candle signals an end to the countertrend rally and will need to be fully retracted to consider any bullish idea. If market conditions persist, a 'sweep the lows' event is likely to occur as the crypto arena has been highly correlated to news events such as geopolitical shifts and gun control proposals. Several crypto enthusiasts and news sources attribute the turbulent market environment to the increasing number of mass shootings taking place within the United States. The volume indicator shows subtle signs to further confound the bearish thesis.

XRP/USDT 1-Day Chart

Invalidation for the bearish thesis lies at $0.44. If the $0.44 is broken. The XRP price could rise towards $0.50, resulting in a 20% increase from the current Ripple price.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.