XRP price has displayed a similar passiveness and lack of direction as many altcoins. Ripple was not inspired by the 30% rally in Bitcoin price, instead favoring to be range-bound between two imposing levels, the neckline of an inverse head-and-shoulders pattern at $0.76 and the psychologically important $1.00.
The range had not been accompanied by any signs of accumulation or distribution, raising the probability that XRP price would remain locked in the governing price range for the foreseeable future.
Within three days, XRP price is trading below $0.76, the anchored volume-weighted average price (anchored VWAP) of $0.742 and the 200-day SMA at $0.728. Ripple is on pace to close today, with the largest daily decline since May 21 and the lowest daily close since April 4.
It is essential to mention that XRP price formed a bear flag from May 23 until June 5. The pattern has a 55% measured move, staking a target price of $0.415. Based on the current price, it would be a 37% loss for faithful Ripple investors.
XRP/USD daily chart
Only a daily close above $0.76 would ignite a rethink of the cautious to negative view for XRP price.
Ripple investors need the May 23 low of $0.652 to hold on a daily closing basis, or XRP price could be destined to continue the notable selling. Whether it reaches the measured move target is difficult to discern at this moment, but it should be considered in any trading plan moving forward.
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