Will XRP Explode Above $0.5 or Will The Correction Deepen? (Ripple Price Analysis)


After forming a bearish double-top pattern and undergoing a period of consolidation, Ripple’s price struggled to break below the 100-day moving average. However, it finally declined below the moving average, reaching $0.44. This decline indicates a bearish outlook for Ripple’s short-term prospects.

technical analysis

By Shayan

AThe Daily Chart

Upon analyzing the Daily Chart, it becomes evident that Ripple’s price exhibited high volatility around the crucial resistance level of $0.5. This resulted in the formation of a bearish double-top reversal pattern. consequently, there has been a significant decline, breaking below the critical support level represented by the 100-day moving average.

Currently, the price is retracing back to the previously broken level at $0.485, creating a pullback. If it’s successful, another decline towards the next crucial support region can be anticipated. This region encompasses the substantial support of the 200-day moving average at $0.4328, as well as the static support zone at $0.42.

xrp_price_chart_0307231
Source: Trading View

The 4-Hour Chart

Shifting our attention to the 4-hour chart, it is evident that the price has finally dropped below the middle trendline of the ascending channel. Ripple is returning to the broken level at $0.49, forming a pullback.

Furthermore, during the recent market turmoil, the price has also declined below the ascending trendline (marked in green). It is currently testing it through a pullback at the same level as the middle trendline of the channel.

consequently, if both the channel’s middle trendline and the ascending green trendline reject the price, there is a strong possibility of a cascade towards the static support region at $0.42.

xrp_price_chart_0307232
Source: TradingView
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making investment any decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.





Source link

Leave a Comment