Ripple continues to consolidate above the crucial support region of $0.47, navigating within a narrow range of a sideways triangle pattern.
This price action suggests potential sideways movement in the short term, with the direction of the upcoming breakout likely determining the future trend.
XRP Analysis
By Shayan
The Daily Chart
A detailed look at the daily chart shows 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 exhibited heightened volatility near this support, approaching the narrowest range of the triangle. This scenario underscores the potential for an imminent breakout, with the direction of this breakout indicating XRP’s upcoming trajectory.
Should a bearish breakout occur, a sustained and rapid descent is likely, possibly triggering a long-squeeze event that could accelerate bearish momentum. In this case, the next target for the price would be the $0.41 threshold.
Source: TradingView The 4-Hour Chart
On the 4-hour chart, Ripple’s price has experienced notable fluctuations, forming an ascending flag pattern following heightened 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.
Source: TradingView
The post Here’s How Low XRP Can Go if the Bears Continue Pushing Further Below $0.47 (Ripple Price Analysis) appeared first on CryptoPotato.