bullish

Daily

<p>Ripple’s recent price surge reflects robust bullish momentum, but a short-term consolidation correction seems imminent as market conditions signal an overbought state.</p> 
<h1 id="xrp-price-analysis">XRP Price Analysis</h1> 
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank">Shayan</a></p> 
<h2 id="the-daily-chart">The Daily Chart</h2> 
<p>Ripple’s extended consolidation near the $0.6 threshold ended with an explosive 158% price rally, reclaiming the 100 and 200-day moving averages.</p> 
<p>This price action signals a strong shift toward a bullish market. However, the rally reached a yearly high of $1.3, coinciding with a significant swing high from November 2021, a region filled with potential selling pressure.</p> 
<p>The RSI indicator shows overbought conditions, suggesting that Ripple might be poised for a corrective consolidation. This phase is expected within the $0.9-$1.3 range as the market digests the recent rally and prepares for the next move.</p> 
<figure id="attachment_371047" aria-describedby="caption-attachment-371047" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/11/XRP-D-3-scaled.jpg" data-wpel-link="internal"></a>
 <figcaption id="caption-attachment-371047" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure> 
<h2 id="the-4-hour-chart">The 4-Hour Chart</h2> 
<p>On the 4-hour chart, the impulsive rally brought Ripple to the $1.3 resistance zone, leading to a temporary rejection due to significant supply at this level. This rejection allows the market to cool off and gives participants an opportunity to realize profits.</p> 
<p>The next likely scenario involves a retracement toward the $0.9-$1.0 region, with further correction targeting the 0.5 ($0.88) and 0.618 ($0.78) Fibonacci retracement levels.</p> 
<p>This phase is essential to maintain a healthy uptrend and avoid overextension, setting the stage for the potential continuation of the bullish trend.</p> 
<figure id="attachment_371046" aria-describedby="caption-attachment-371046" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/11/XRP-4H-3-scaled.jpg" data-wpel-link="internal"><img class="wp-image-371046 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/11/XRP-4H-3-scaled.jpg" alt="xrp_price_chart_1811242" width="2560" height="1372" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/XRP-4H-3-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/XRP-4H-3-300x161.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/XRP-4H-3-1024x549.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/XRP-4H-3-768x411.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/XRP-4H-3-1536x823.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/XRP-4H-3-2048x1097.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/XRP-4H-3-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-371046" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure> 
<p>The post <a href="https://cryptopotato.com/ripple-price-analysis-xrp-surges-above-1-but-is-a-correction-imminent-this-week/" rel="nofollow">Ripple Price Analysis: XRP Surges Above $1 but is a Correction Imminent This Week?</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

Ripple Price Analysis: XRP Surges Above $1 but is a Correction Imminent This Week?

Table of Contents

CryptoPotato_News

Other articles published on Nov 18, 2024

WeFi to Enter New Phase of DeFi Following November $WFI Token Generation Event

UK Pension Fund Embraces Bitcoin with 3% Fund Allocation

Key details from MicroStrategy’s recent Bitcoin acquisition

Japanese Investment Company Metaplanet Developed a New Strategy to Buy Bitcoin! Here Are the Details

Wibegram | Encryption

Best 5 Cryptos to Invest In: The Coins Ready to Soar This Year!

Join our free newsletter for daily crypto updates!