• Ripple is currently experiencing a prolonged correction phase as it encounters significant resistance at the $0.85 level.
• There is potential for a short-term interruption in the downtrend as the price approaches a robust support region around the $0.55 price range and 100-day moving average.
• The corrective phase may evolve into a bearish trend or serve as an initiation of an upward rally towards the crucial $0.8 threshold.
Ripple Price Analysis
Overview
Ripple is currently experiencing a prolonged correction phase due to encountering significant resistance at the $0.85 level. However, there is potential for a short-term interruption in the downtrend as the price approaches a robust support region encompassing the pivotal $0.55 support level and 100-day moving average. This zone holds potential to stop further downward movement and possibly initiate an upward rally toward the crucial $0.8 threshold.
Daily Chart
A careful examination of the daily chart reveals presence of selling pressure and notable supply in vicinity of the $0.8 price range which has halted earlier bullish upswing and resulted in an extended rejection that could take one of two paths: either evolve into a bearish trend with further price plunges or serve as corrective phase leading to retracement towards previously breached $0.55 price zone .