Ripple’s Correction Phase and Potential for a Short-Term Halt in Downtrend
Ripple is currently undergoing a significant correction phase after encountering resistance at the $0.8 mark, resulting in a substantial rejection. However, there is hope for a potential halt in the downtrend in the short term as the price approaches a strong support region.
Technical Analysis
The Daily Chart
- The prevailing selling pressure and considerable supply around the $0.8 price range have halted the previous bullish surge, resulting in a massive rejection.
- This rejection could either evolve into a bearish trend with further price declines or act as a correction phase, leading to a pullback to the broken $0.55 price region.
- Ripple is currently consolidating near a significant support area, which includes the $0.55 crucial level and the 100-day substantial moving average.
- This support region can potentially prevent further downtrends and might initiate an upward rally toward the $0.8 price range.
Hot Take
Ripple’s recent correction phase and rejection at the $0.8 mark have raised concerns for crypto investors. However, the current consolidation near a strong support area suggests the potential for a short-term halt in the downtrend. If the support region holds, there is a possibility of an upward rally towards the $0.8 price range. Crypto readers should closely monitor the price action and consider the potential for a bullish reversal in the short term.
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