XRPs Price Analysis: Will it Surge Above $0.5 or Dive Deeper?

By Lola Coin Jul 3, 202376Views

Technical Analysis: Ripple’s Short-Term Outlook
By Shayan

The Daily Chart:
– Ripple’s price showed high volatility around the $0.5 resistance level.
– This led to the formation of a bearish double-top reversal pattern.
– The price has now declined below the critical support level of the 100-day moving average.

Potential Pullback:
– Currently, the price is retracing back to the previously broken level at $0.485.
– If this pullback is successful, we can expect another decline towards the next crucial support region.
– This region includes the substantial support of the 200-day moving average at $0.4328 and the static support zone at $0.42.

Closing:
The recent decline in Ripple’s price below the 100-day moving average suggests a bearish outlook for its short-term prospects. With the formation of a bearish double-top pattern and potential further decline towards key support levels, caution is advised for Ripple investors.

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