Ripple sellers have been struggling for quite some time to push the price below the critical level of $0.47 and the lower limit of the triangle pattern.
However, a bearish breakthrough could trigger a series of events, liquidating a large number of long positions.
XRP Analysis
By: Shayan
Daily Chart
A detailed examination of the daily chart shows that since mid-April, Ripple sellers have been attempting to break through an important support area that has been supporting the asset. This key area includes the static support at $0.47 and the dynamic support at the lower limit of the triangle.
Considering the overall bearish sentiment in the market, a bearish breakthrough could lead to a significant collapse, liquidating many long positions in the market. However, if market activity remains subdued, the current consolidation phase may continue with minimal volatility.
4-Hour Chart
On the 4-hour chart, the recent price action indicates that after a period of consolidation and the formation of a flag pattern, sellers have gained momentum to push XRP below the lower boundary of the flag.
This suggests that the market is bearish, with sellers eager to push the price towards lower levels. Ripple is currently hovering near the key support area of $0.47. If sellers break through this crucial level, a significant decline is likely. However, the upcoming trend for Ripple will depend on the price action near this key support area.
