{"id":464454,"date":"2022-06-17T19:17:51","date_gmt":"2022-06-17T16:17:51","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/xrp-price-technical-breakdown-boosts-chances-of-a-40-drop-by-july\/"},"modified":"2022-06-17T19:17:51","modified_gmt":"2022-06-17T16:17:51","slug":"xrp-price-technical-breakdown-boosts-chances-of-a-40-drop-by-july","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/xrp-price-technical-breakdown-boosts-chances-of-a-40-drop-by-july\/","title":{"rendered":"# XRP price technical breakdown boosts chances of a 40% drop by July"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c57847e31e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c57847e31e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/xrp-price-technical-breakdown-boosts-chances-of-a-40-drop-by-july\/#%E2%80%9D_XRP_price_technical_breakdown_boosts_chances_of_a_40_drop_by_July_%E2%80%9C\" >&#8221; XRP price technical breakdown boosts chances of a 40% drop by July &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/xrp-price-technical-breakdown-boosts-chances-of-a-40-drop-by-july\/#Major_XRP_breakdown_underway\" >Major XRP breakdown underway<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/xrp-price-technical-breakdown-boosts-chances-of-a-40-drop-by-july\/#Crypto_carnage\" >Crypto carnage<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_XRP_price_technical_breakdown_boosts_chances_of_a_40_drop_by_July_%E2%80%9C\"><\/span>&#8221; XRP price technical breakdown boosts chances of a 40% drop by July &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Ripple (XRP)\u00a0price stares at potential losses in the coming weeks as it breaks out of a &#8220;descending triangle&#8221; pattern, with its bias skewed toward the downside.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Major_XRP_breakdown_underway\"><\/span>Major XRP breakdown underway<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To recap, XRP started forming the technical structure after reaching $1.98 in April 2021, its second-highest level to date. In doing so, the token trended lower inside a range defined by a falling resistance trendline and a horizontal support trendline.<\/p>\n<p>On May 16, 2022, XRP broke below the triangle&#8217;s support trendline, accompanying a decent increase in trading volumes. <\/p>\n<p>The move confirmed the descending triangle as a bearish reversal indicator. Meanwhile, as a rule of technical analysis, XRP now risks extending its downside move by as much as the triangle&#8217;s maximum height when measured from the breakdown point, as shown below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/42e491c2-ebef-472a-9e4b-6dc8df49fb69.png\"><figcaption style=\"text-align: center;\"><em>XRP\/USD weekly price chart featuring &#8216;descending triangle&#8217; breakdown setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>This could have XRP drop to $0.18 by July 2022, down nearly 40% from June 1&#8217;s price.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Crypto_carnage\"><\/span>Crypto carnage<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>XRP&#8217;s bearish setup <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears amid a broader selloff taking place across the crypto market, with some tokens now trading more than 90% below their record highs established last year. <\/p>\n<p>The massive tailspin began in May after Terra (LUNA) \u2014 now known as Luna Classic (LUNC) \u2014 a $40-billion &#8220;algorithmic stablecoin&#8221; project, collapsed due to the failure of its staking system. This debacle found its match in Celsius Network, one of the largest crypto lending platforms, which unexpectedly paused crypto withdrawals in June over &#8220;extreme market conditions.&#8221;<\/p>\n<p><strong><em>Related:\u00a0Finblox withdrawal restrictions trigger concerns from the community<\/em><\/strong><\/p>\n<p>Since then, the crypto market has been facing one piece of bad <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> after another, from crypto fund giant Three Arrow Capital&#8217;s potential insolvency owing to bad debts and risky trades to crypto lender Babel Finance halting withdrawals due to liquidity issues.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"zh\" dir=\"ltr\">Babel Finance \u4e5f\u6682\u505c\u4e86\u63d0\u73b0\u4e1a\u52a1 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/9Nk1gkEmVz\">pic.twitter.com\/9Nk1gkEmVz<\/a><\/p>\n<p>\u2014 0xEdson | web3  (@0xEdsonCrypto) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/0xEdsonCrypto\/status\/1537746692455292929?ref_src=twsrc%5Etfw\">June 17, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Macro risks also favor XRP&#8217;s downside outlook with the Federal Reserve&#8217;s 0.75% interest rate hike this June 15, ensuring lower liquidity for investors to speculate on risky assets. <\/p>\n<p>Nonetheless, Kevin Cage, who runs Iron Key Capital, a crypto-focused hedge fund, says XRP will &#8220;survive&#8221; the bear market.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I know for a fact that no matter how hard it gets, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$XRP<\/a> will survive future bear markets.<\/p>\n<p>XRPL is 10 years old. Tried &amp; true.<\/p>\n<p>Ripple expanding, new partners every week, hiring 300 more people<\/p>\n<p>They want clarity and will fight until the end.<\/p>\n<p>SEC chose the wrong company to fight<\/p>\n<p>\u2014 Kevin Cage (@Kevin_Cage_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Kevin_Cage_\/status\/1536801282945597440?ref_src=twsrc%5Etfw\">June 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Meanwhile, Bleeding Crypto says that XRP could fall toward $0.17 but anticipates that the token would undergo a sharp rebound move after reaching the level.\u00a0<\/p>\n<p>&#8220;Looks like it may be going for a full reset of this past bull run,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Bleeding_Crypto\/status\/1536433522897891328\">wrote<\/a>, hinting that XRP would reclaim $1.95\u2013$1.98 during its next upside retracement.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Major XRP breakdown underway To recap, XRP started forming the technical structure after reaching $1.98&#8230;<\/p>\n","protected":false},"author":1,"featured_media":464455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMjJiOGJhN2YtNzEzZi00MWUzLTg2YjgtMWMyY2Q4Mjc5ODc4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,75719,74939,75034,78261,122378,75557,70550,70552,73785],"class_list":["post-464454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-funding","tag-market-analysis","tag-ripple","tag-tech-analysis","tag-terra","tag-xrp","tag-federal-reserve","tag-interest-rates","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/464454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=464454"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/464454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/464455"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=464454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=464454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=464454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}