Ripple broke out of its downward trend on July 13. The altcoin hit a local top of $0.6586 on July 31. Since then the altcoin has suffered a deep correction, down to $0.4319.
Ripple dipped into the imbalance zone between $0.4426 and $0.4425 as seen in the XRP/USDT daily chart. The inefficiencies under $0.50 have been filled, meaning Ripple can begin its recovery.
The Relative Strength Index (RSI) reads 35.90 close to the oversold zone, meaning there is an opportunity for sidelined traders to enter. XRP could target the $0.60 level in its rally, a 22% gain from the current price
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