In short: Ripple's price is at a critical 200-day moving average and $0.41 price zone support level. A breach below this level could trigger a significant downturn, while holding above may lead to consolidation and a potential mid-term uptrend toward the $0.56 resistance level. The recent rejection has caused a drop below the minor support level of $0.48 and the channel's mid-trend line. The price faces a crucial support level at $0.41.
Our quick analysis:
It's been a bumpy ride for Ripple lately, and things aren't looking so hot for the cryptocurrency as of late. With prices hovering near a crucial support region consisting of the dreaded 200-day moving average and the $0.41 price zone, investors are left wondering if a crash is in its immediate future.
On the daily chart, the rejection of recent weeks has led XRP to a support area at the 200-day moving average of $0.41. While this may seem like a good sign, failure to maintain this level could trigger a bear market that leaves investors scrambling. On the other hand, finding support at this level could bring a mid-term uptrend towards $0.56 resistance.
The 4-Hour Chart doesn't paint a much better picture. Ripple's price has formed an ascending channel, but the recent dip has caused it to drop below the minor support level of $0.48 and the channel's mid-trend line. Currently, it faces a crucial support level at $0.41.
All of this technical analysis points to the possibility of a consolidation phase, but we won't know for sure until we see how the price reacts. Will Ripple finally freefall past $0.4, or will it rally back towards a more promising price point?
We can only watch and wait, but one thing is for sure: the fate of Ripple's future is uncertain.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
It's been a bumpy ride for Ripple lately, and things aren't looking so hot for the cryptocurrency as of late. With prices hovering near a crucial support region consisting of the dreaded 200-day moving average and the $0.41 price zone, investors are left wondering if a crash is in its immediate future.
On the daily chart, the rejection of recent weeks has led XRP to a support area at the 200-day moving average of $0.41. While this may seem like a good sign, failure to maintain this level could trigger a bear market that leaves investors scrambling. On the other hand, finding support at this level could bring a mid-term uptrend towards $0.56 resistance.
The 4-Hour Chart doesn't paint a much better picture. Ripple's price has formed an ascending channel, but the recent dip has caused it to drop below the minor support level of $0.48 and the channel's mid-trend line. Currently, it faces a crucial support level at $0.41.
All of this technical analysis points to the possibility of a consolidation phase, but we won't know for sure until we see how the price reacts. Will Ripple finally freefall past $0.4, or will it rally back towards a more promising price point?
We can only watch and wait, but one thing is for sure: the fate of Ripple's future is uncertain.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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