The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/xrp-price-analysis-taking-a-closer-look-into-xrp-downfall-sparks-a-new-buying-spot/">XRP Price Analysis: Taking A Closer Look into XRP Downfall Sparks a New Buying Spot!&nbsp;</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Following a phenomenal spike of 73% on 13 July with a partial win in the SEC case, the Ripple coin price reached the height of $0.82. However, following the partial win, the <a href="https://coinpedia.org/information/xrp-ripple-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">XRP prices</a> struggled to maintain the bullish rally leading to a double top formation at the $0.82 mark with a neckline at the $0.70. 
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 <img decoding="async" src="https://lh3.googleusercontent.com/gFC5NnJjVNqCOi7CzgjcebxyqH4JSaH4elCEc8gWnKVPs2T54JITHruJMnH7Rk_yZau-7eOwzf4ozwcKwOn__GpT_CDcauigzb0gaSjTBMDpR9EV46o9eZwCi_Ok1N_-YR5JWdxr_iFMFcl9eyeug7U" alt=""> 
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Moreover, the falling XRP prices have a bearish wedge pattern in the daily chart. After a few days of consolidation at $0.70, the extensive selling pressure at the resistance trendline led to a sharp fall in Ripple’s market value. 
The downfall accounts for a 12% drop in the last four days, making four consecutive bearish candles. Moreover, the RSI line maintains a declining trend as it breaks below the halfway line, projecting a solid underlying bearish momentum. 
The deadly discount in the Ripple coin price led to the breakout of the falling wedge pattern and the 38.20% Fibonacci level at $0.64. 
Currently, the XRP market price struggles to sustain about the 50-day EMA. However, the rise in selling pressure projects a downtrend continuation to the 61.80% Fibonacci level at $0.53. Moreover, a support zone coincides with this 61.80% fib level increasing the likelihood of a bullish comeback.&nbsp; 
The downfall to $0.53 also comes as the retest of the bullish breakout, making it a crucial buying spot.&nbsp; 
In conclusion, the downward trend in the Ripple coin prices is expected to continue to discount the market value by 15%. However, a bullish reversal from the 50-day EMA might retest the bearish wedge breakout at $0.64.&nbsp;

XRP Price Analysis: Taking A Closer Look into XRP Downfall Sparks a New Buying Spot!

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