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<\/a> In the weekly time frame chart, the XRP price shows the formation of a cup and handle pattern<\/a>. The chart setup often spotted at the bottom indicates a high probability of bullish reversal. As of now, the coin price trades at $0.59, and is forming the handle portion or pullback in the prevailing rally. Will this retracement lead to a fresh uptrend in the Fifth largest cryptocurrency?<\/span><\/p>\n <\/p>\n Also Read:<\/strong> XRP Sideways Market Structure Extends \u2013 Can Shorts Turn Profitable?<\/a><\/p>\n For over a month, the XRP price<\/a> has been in a correction phase, where the prices plunged from the June 13th high of $0.938 to a $0.58 low. This correction registered a loss of 37.6% loss and plunged to the 50% Fibonacci retracement level.<\/span><\/p>\n A 50% retracement level is considered healthy to absorb the excess supply pressure and stabilize the asset for higher levels. By the press time, this altcoin trades at $0.592 and hovers above the $0.58-$0.56 support zone.<\/span><\/p>\n<\/blockquote>\n The buyers should manage to sustain this level to recuperate the exhausted bullish momentum. A potential bounce back from $0.58 will bolster bulls for a 58% rally and challenge the $0.935 neckline resistance.<\/span><\/p>\n A breakout above the $0.935 neckline will give a better confirmation of trend reversal.<\/span><\/p>\n <\/p>\n Amid the increasing uncertainty in the crypto market, the XRP price could continue to consolidate above $0.58. However, considering a pessimistic approach, the sellers could give a breakdown below the mentioned support. With this breakdown, the coin price will also lose 61.8% FIB level<\/a>, and bolster the price for a major correction to $0.426, or lower.<\/span><\/p>\n \n Share this article on:<\/p>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n
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\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\nXRP Price Analysis: Key Points<\/b><\/h2>\n
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![\"XRP\"](\"https:\/\/s3.tradingview.com\/snapshots\/0\/0JUKA1Rv.png\")
Source: Tradingview<\/span><\/p>\n\n
Will XRP Extend Correction Trend?<\/b><\/h2>\n
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