Ripple is currently in a technical consolidation phase, showing obvious price oscillation and pattern characteristics. On the daily chart, we observe that the price is consolidating around important support and resistance levels, forming a horizontal triangle.
This pattern usually indicates an upcoming trend breakout. Especially when the price is close to the bottom of the pattern, the fluctuations are minimal, showing a balance of buying and selling forces in the market. Once the breakout occurs, it will most likely determine the medium-term trend direction of Ripple.
On the shorter 4-hour chart, the price broke below the multi-week rising trendline and then pulled back to this level, forming an ascending flag pattern. However, the lower boundary of this pattern intersects with the important $0.47 support level. If the price breaks below this key support again, it may lead to further downside, and the next target may be the $0.42 support level.
In short, the current market sentiment is relatively complicated, and investors should pay attention to the breakout direction of the horizontal triangle pattern and the key support of the lower boundary of the short-term ascending flag pattern. These factors will determine the trend direction of Ripple in the coming weeks.