Ripple reduction temporarily dwell on a 200-day sliding average, which caused a small rebound. Nevertheless, a weak participation in the market and a low impulse suggest a high probability of further consolidation and short -term repetitions.
XRP price analysis
Shayan
Daily diagram
The recent impulsive decrease in Ripple was suspended with a significant merger of support levels, including a 200-day sliding average of 1.8 US dollars, a recovery zone of 0.5–0.618 fibonacci and the lower boundary of the downward clin scheme. This zone acted as a key area of demand, temporarily stopping the downward trend.
Moreover, the appearance of a bull divergence between the RSI and the price action additionally confirms the possibility of a short-term rebound, potentially aimed at the upper border of the wedge near the 100-day MA of $ 2.5.
Nevertheless, a wider market environment is still characterized by low activity and weak impulse, which suggests that XRP will probably continue to hesitate within the framework of the wedge scheme until the decisive breakthrough occurs.
The permissible breakthrough, above or below the wedge, can lead to significant volatility and liquidation cascades, which leads to impulsive movement in the direction of the breakthrough.
4-hour table
In the lower period of time, the XRP originally broke under the descending wedge, and expanding the patterns of the wedge, causing a wave of fear and assuming the bear continued. Nevertheless, this broke quickly turned into a false breakthrough, forming a bear trap, since the price bounced back above the broken levels of support.
Since then, XRP has gradually addressed its previous maximum swing of $ 2.2. A successful violation and close to this level would marked the bull shift of the market structure, which potentially opens the way to the resistance zone for $ 2.5.
And vice versa, the inability to break above $ 2.2 will confirm the existing bear structure, which makes further shortcomings in the medium -term perspective more likely.
