A few weeks ago, Ripple as a few other coins had a nice bullish run. That was a good warming spark for those who bought Ripple and other coins at the highest prices.
Ripple's price went up for about 130% in a week alone! How crazy is that? But after any strong movement in the market, a moment of correction is always expected.
Real question is "Is this a real correction on Xrp's Price"?
Ripple announced that every wallet will accept the same amount of Spark token and that will happen as soon as January 2021.
The drop in the XRP's price is actually being related with the Spark Token announcement by many traders and analysts.
That in my opinion is a logical correlation! But when the news that people will get free Spark for the same amount of XRP they hold...people rushed to get as more XRP as possible. That should have kept Ripple's price at it's highest prices, or at least it did...for a moment!
As per technical analysis!
XRP's price action formed a so called bullish pennant. Which after retesting the support zone is followed with another impulsive bullish movement.
Xrp is in between support/resistance zones 0.45-0.48! I'll be waiting for this days candle to close in order to be able to identify if ripple will stop and find support here or it will go further down at the 0.282 area.
Best case scenario would be if this daily candle closes as a hammer or as also called Kangaroo Tail.
But also a very possible scenario is if price gets rejected at the 0.48210 area...then we can see something like this!
These are my expectations on Ripple!
What do you think, let me know on the comments!
Also, what would you like to see next?
thetdhe
Originally posted in my blog at Leofinance!
