von • XRP is currently experiencing a prolonged correction phase due to encountering significant resistance at the $0.85 level.
• The outcome of this rejection could take one of two paths: it may either evolve into a bearish trend with further price plunges or serve as a corrective phase, leading to a retracement towards the previously breached $0.55 price zone.
• There is potential for an upward rally toward the crucial $0.8 threshold if XRP approaches the significant support zone encompassing the pivotal $0.55 support level and the substantial 100-day moving average.
Ripple Price Analysis
Ripple is currently experiencing a prolonged correction phase in its price action due to encountering significant resistance at the $0.85 level.
Outcome of Rejection
The outcome of this rejection could take one of two paths: it may either evolve into a bearish trend with further price plunges or serve as a corrective phase, leading to a retracement towards the previously breached $0.55 price zone.
Critical Support Zone
Yet, XRP is presently edging closer to a significant support zone encompassing the pivotal $0.55 support level and the substantial 100-day moving average. This zone holds the potential to stop further downward movement and possibly initiate an upward rally toward the crucial $0.8 threshold.
Descending Wedge Pattern
In the 4-hour chart, it can be observed that the price has been in
