Technical Analysis by Shayan
Ripple faced strong rejection when attempting to breach the significant resistance region at $0.55. Currently, it’s challenging to identify Ripple’s direction due to the choppy price action. The most likely scenario seems to be a consolidation phase for the mid-term.
The Daily Chart
– Ripple faced significant rejection upon reaching the crucial resistance zone at $0.85.
– This indicates robust selling pressure and substantial supply around this price range.
– A consolidation correction stage is necessary after impulsive price surges to validate the trend’s strength and allow the market to rest.
– The price has entered a mid-term correction phase leading to higher volatility and pullback periods before the next significant movement occurs.
Hot Take:
Ripple’s recent rejection at the resistance zone highlights the presence of significant selling pressure. The ongoing choppy price action makes it difficult to determine the cryptocurrency’s immediate direction. However, considering the need for a consolidation phase after price surges and the market’s tendency for pullbacks, it is likely that Ripple is currently in a mid-term correction phase. This phase may bring higher volatility and pullback periods before the next significant movement. Traders and investors should closely monitor price action and be prepared for potential fluctuations in the coming days.
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