CandleFocus Ripple Price Analysis: XRP Surges Above $1 but is a Correction Imminent This Week?
2024-11-18
Author: Content Editor
The recent surge in the price of Ripple indicates strong bullish momentum, but there are signs of an impending correction due to overbought conditions in the market. After consolidating near $0.6 for some time, Ripple experienced a 158% rally, surpassing key moving averages. However, this rally reached a yearly high of $1.3, which could lead to selling pressure. The overbought conditions suggest that Ripple may undergo a corrective consolidation phase in the range of $0.9-$1.3 as the market absorbs the recent rally. In the short term, a retracement towards the $0.9-$1.0 region is likely, with further correction potentially targeting Fibonacci retracement levels at $0.88 and $0.78. This correction phase is important for maintaining a healthy uptrend and avoiding overextension, paving the way for potential continuation of the bullish trend.
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