XRP price has dipped into the demand zone ranging from a price of $0.547 to $0.568 on July 17 and rallied only 7%. This weak upswing indicates inadequate buying pressure from the bulls.
So long as the Ripple price fails to produce a higher high above the price of $0.621, the chances of a downswing that pierces the said demand zone increases.
Therefore, going forward, investors can expect the remittance token to slice through $0.568 and produce a 4-hour candlestick close below $0.547. This move will confirm that sellers are in control, opening up a path to the range low at a price of $0.509, a 12% downswing.
If the buyers fail to rescue the XRP price here, the immediate support levels at prices of $0.509 and $0.496 are likely to be tagged.
While this down move seems plausible, investors should note a bounce from a price of $0.568 could revive the upswing if the XRP price manages to produce a swing high above the price of $0.611. Such a move would confirm the presence of buyers and invalidate the bearish outlook.
Moreover, if the bid orders continue to build up after this uptrend, the buyers could propel Ripple XRP to the 50% Fibonacci retracement level at $0.647.
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