According to CryptoPotato, Ripple is maintaining its position above the significant support region of $0.47, moving within a tight sideways triangle pattern. This behavior indicates a potential sideways movement in the short term, with the direction of the imminent breakout likely determining the future trend.
A detailed examination of the daily chart reveals that Ripple has been consolidating near the critical support region of $0.47, which aligns with the lower boundary of a multi-month triangle. Recently, the price has shown increased volatility near this support, approaching the narrowest range of the triangle. This situation highlights the potential for an upcoming breakout, with the direction of this breakout indicating Ripple's future trajectory.
If a bearish breakout occurs, a quick and sustained descent is likely, possibly triggering a long-squeeze event that could amplify bearish momentum. In this case, the next target for the price would be the $0.41 threshold.
On the 4-hour chart, Ripple’s price has seen significant fluctuations, forming an ascending flag pattern following increased volatility near the crucial $0.47 range. If breached from the lower trendline, this pattern typically suggests the continuation of the initial bearish movement. If selling pressure increases and the price breaks below the pattern’s lower boundary, aligning with the crucial $0.47 mark, the bearish movement is likely to continue. The next target in this scenario would be the previous major swing low at $0.41.
