Ripple Price Technical Analysis
The daily chart of Ripple’s price shows that it has experienced a surge after finding support at the 100-day moving average of $0.497. However, it is now approaching a strong resistance level at $0.85, indicating a prevailing buying pressure in the market and a positive outlook for Ripple’s medium-term prospects.
Key Points:
– Ripple’s price has found support at the 100-day moving average and has experienced a significant surge.
– The price is now approaching a crucial resistance level at $0.85, suggesting a bullish sentiment among traders.
– Every significant upward movement is typically followed by a consolidation or correction phase, and Ripple’s price is no exception.
– It is likely that the price will enter a short-term correction phase with higher volatility and pullback periods.
– Despite the correction phase, the overall outlook for Ripple’s medium-term prospects remains positive.
Hot Take:
Ripple’s price has shown strength in finding support and experiencing a surge. While it may face resistance at $0.85, the bullish sentiment among traders indicates potential for a breakthrough. However, it’s important to note that a correction phase is likely before the next significant upward movement. Overall, Ripple’s medium-term prospects remain positive.