Ripple (XRP) Bulls Should Hold Above $0.80 to Avoid 38% Drop

- XRP price might witness further plummets as Ripple approaches the break-or-make point.
- Breaching the $0.80 barrier will trouble bulls, as XRP opens the door to a 38% fall.
- Ripple has to reclaim and flip $0.85 into support to avoid this bullish picture.

Ripple (XRP) seems primed for more losses as the alternative coin nears a crucial support line. Breaching this defense line can see the alt declining by 38%. That will see the alt exploring value areas of $0.49. Momentum has to shift to the upside to alleviate these scenarios.

XRP Ready for Further Declines

Ripple daily chart shows XRP creates a parallel channel amid continued consolidation. The altcoin approaches the primary technical pattern's lower boundary at $0.80. Keep in mind that this level serves as critical support for XRP. If the remittance token declines under the defense line, it might witness a massive fall.

The current chart formation indicates a 38% southward move from the downward trend-line. That would have XRP exploring the bearish aim at the $0.49 levels. Nevertheless, the altcoin will explore several support areas before bears try to attain their pessimistic target. XRP will discover its second defense line at a 9 August low of $0.76. More support will emerge at the 12 July peak of $0.65 before Ripple touches the multi-month ascending foothold at $0.60.

Magnified selling pressure might push XRP lower to the 25 June low of $0.58, then a 78.6% FIB retracement level of $0.55 before the cross-border crypto reaches the projected bearish aim by the parallel channel.

If Ripple manages to stabilize beyond the primary technical pattern's bottom border at $0.80, the alt might avoid the anticipated bearish dominance. That way, XRP will reclaim higher price levels. The alt will first regain the 61.8% FIB retracement zone at $0.85.

If buy orders spike, Ripple might hit 21-day SMA at $0.93, then 200-day Simple Moving Average at $0.95. Further upswing will have the altcoin targeting the parallel channel's middle border at $1.02, then a 50% retracement zone of $1.06, which crisscross with 50- and 100-day Simple Moving Average.