Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• The extended pullback threatened to claw all July gains. 
• Quarterly and monthly XRP holders posted mixed performance.

Ripple’s [XRP] tidings have changed swiftly in the last few days. The euphoria in mid-July after Ripple Labs’ partial legal win dissipated afterwards. Notably, the firm termed the legal suit “propaganda” in an official report on the partial legal win. 

Is your portfolio green? Check out the XRP Profit Calculator 

But XRP’s price bled further, threatening to reverse July gains after the win. 

Bitcoin’s [BTC] price action wasn’t impressive too. As the king coin struggled to hold on to the $29.0k mark, the weak BTC could delay a solid corrective rebound for XRP. 

Sellers overwhelmed 50% Fib level

The price chart indicators underscored a strong bearish inclination. For example, the Relative Strength Index retreated steadily from the overbought zone in mid-July and was an inch away from sliding into the oversold territory at press time. 

Similarly, the Chaikin Money Flow has stayed below the threshold since late July, denoting the reduced capital inflows to XRP markets. The above bearish pressure tipped XRP to crack a crucial 50% Fibonacci retracement level of $0.6751. 

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Author: Benjamin Njiri

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