Ripple recently dropped below its 200-day moving average in late August, signaling a bearish sentiment in the market. However, it has since experienced a rebound and is now rallying back towards the 200-day MA, potentially indicating a pullback. Despite this temporary upward movement, the overall outlook for Ripple remains highly bearish, with the next target being the critical support zone at $0.42 if the pullback fails.
Analyzing the daily chart, we can see that Ripple went through a consolidation phase after a rapid rebound above the 200-day MA. The price displayed low volatility during this time, but as selling pressure increased, it fell below the 200-day MA, highlighting the prevailing bearish sentiment. Moving to the 4-hour chart, we observe a well-defined multi-month downtrend characterized by lower highs and lower lows. However, there has been a recent development with the price breaking above the downtrend trendline and forming a pullback, potentially setting the stage for another bearish movement or a shift towards a bullish scenario if buyers are successful in pushing the price above the critical threshold.
Hashtags: #Ripple #cryptocurrency #technicalanalysis #bearishmarket #bullishmovement
SEO Keywords: Ripple price analysis, 200-day moving average, bearish sentiment, pullback, rebound
Image: https://weeklyfinancenews.online/wp-content/uploads/2023/08/bitcoin-5.jpeg
Comments are closed.