According to CryptoPotato, Ripple's price has been hovering around the crucial support level of $0.47, showing minor volatility and sideways movements. This price range has consistently supported XRP, indicating substantial demand and increasing the likelihood of a mid-term bullish reversal.
A detailed examination of the daily chart reveals that Ripple has been consolidating within a sideways triangle pattern. This pattern signals a balance between buying and selling pressures and uncertainty about the overall trend direction. Recently, the price reached the lower boundary of this pattern at $0.47, with sellers finding it difficult to break below this critical threshold. This range has been a solid support since May 2023, underlining persistent demand and buying pressure. As a result, a bullish reversal seems likely in the mid-term, potentially leading to minor bullish movements toward the triangle’s upper boundary. However, a sudden break below this critical support could trigger significant long-liquidation, causing a sharp decline in the short term.
On the 4-hour chart, Ripple shows a short phase of lateral movement and uncertain price action around the crucial $0.47 support range, forming a bearish continuation flag pattern. The price recently dropped to the pattern’s lower trendline and the key $0.47 support area. If sellers manage to break through this level, a significant and rapid bearish move is expected. However, the MACD indicator has recently turned green, indicating a potential bullish rebound. This signal, combined with the prevailing demand near this critical support, suggests increased buying pressure and the likelihood of a mid-term bullish reversal.
