• Ripple is currently undergoing a significant correction phase after encountering resistance at the $0.8 mark, resulting in a substantial rejection.
• Despite the challenges, Ripple is currently consolidating near a significant support area, which includes the $0.55 crucial level and the 100-day substantial moving average.
• The price was unable to surpass the critical $0.8 resistance level, leading to a decline after an impulsive breakout from the upper trendline of the channel and surging toward this level.
XRP on Crossroads: Big Bounce or a Massive Crash Ahead? (Ripple Price Analysis)
Overview
Ripple is currently undergoing a major correction phase after being rejected at the $0.8 mark due to strong selling pressure and considerable supply around it. However, there is hope for potential halt in downtrend as its price approaches a strong support region comprising of $0.55 crucial level and 100-day substantial moving average which may initiate an upward rally towards $0.8 range.
Analysis on Daily Chart
Analyzing Ripple’s daily chart, we observe that due to rejections at $0.8 price range caused by strong selling pressure and considerable supply, this could either evolve into bearish trend with further price declines or act as correction phase leading to pullback towards broken down $0.55 region in short run with help of support region preventing further downtrends..
Analysis on 4-Hourly Chart
On 4-hourly chart we see that despite prices retracing back to upper trend line it failed to complete pullback and instead fell below this crucial level as it was unable to surpass critical resistance point of $0.8 mark resulting in downward surge afterwards .
Conclusion
To conclude, prices of Ripple are having difficulty reaching above critical points but have been able find support in lower region especially near significant support area comprising of both100-day substantial moving average and also 0.$55 crucial levels which might be able halt any further downtrends while initiating upward rally towards 0.$8 again .
References
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