As discussed earlier in our analysis, Ripple recently dropped below its 200-day moving average in late August and continued to decline.
However, it subsequently experienced a rebound, leading to a rally back towards the 200-day MA. This could indicate the formation of a pullback, suggesting a prevailing bearish sentiment in the market.
Technical Analysis
By Shayan
The Daily Chart
A closer look at the daily chart shows a strong downtrend, followed by a consolidation phase lasting several weeks. This consolidation occurred after a rapid rebound above the 200-day moving average (MA) in mid-August. During this consolidation period, the price of Ripple displayed low volatility. However, as selling pressure gradually increased, it eventually fell below the 200-day MA, which was at $0.51.
The 200-day MA is generally seen as a key level of support or resistance. The fact that the price dropped below it highlights the prevailing bearish sentiment in the market, with the potential for further do
We współpracy z: https://cryptopotato.com/xrp-bounces-above-0-50-but-is-a-huge-dump-in-the-making-ripple-price-analysis/
