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Ripple analysis – a 30% increase in a single day! However, the trend is overheated

1 min read

Ripple was in strong growth for strength 30% in a single day. However, such growth is not sustainable in the long run and indicators indicate overheating. So let’s take a look at where the next target is and where the price could potentially create another local maximum that is approaching.

XRP is approaching resistance at around $ 1.02. There is a previous long-term maximum and, in addition, resistance from the previous highs of the entire descending triangle. Therefore, it is quite likely that the price will stop at this level or lower. The price still did not break the pattern descending triangle.

Ripple grew by 30% in 1 dayRipple grew by 30% in one day. Source: TradingView

Ripple grew by 30% in a single day

Although Ripple is still in the ascending pattern, change of sentiment is noticeable not only on the XRP token, but on the market as a whole. However, this does not change the fact that the RSI already indicates more than 90 points, which is extreme overbought and therefore we can expect in the near future either price stagnation or short-term declining leg.

If Ripple manages to beat $ 1.02, she will suddenly exceed the previous maximum and at the same time end the long triangle pattern. Volumes are still bullish and the chart looks overall bullish. However, we will have to wait for the final termination of the descending triangle and the trend must cool down.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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