Technical Analysis
After a sudden surge, Ripple’s price has reached a critical resistance region, representing its previous major swing high formed in late April. However, after such an explosive move, you can expect the price to enter into consolidation.
The Daily Chart
Upon analyzing the daily chart, it becomes evident that Ripple experienced a significant price jump after finding support at the 100-day moving average. However, it now confronts a significant resistance zone at $0.85, marked by substantial selling pressure.
This development indicates a bullish sentiment among Ripple traders. Nevertheless, it’s important to acknowledge that a consolidation correction stage is essential following impulsive price surges to confirm the strength of the trend and let the market rest for a while.
Hence, you can expect the price to enter a short-term correction phase, leading to higher volatility and pullback legs before the next notable upward movement takes place.
Hot Take
Ripple’s recent price surge indicates a bullish sentiment among traders. However, a consolidation correction phase is expected before the next significant upward movement. Keep an eye on the price as it enters a short-term correction phase, which may result in higher volatility and pullbacks.
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