Daily price charts of XRP show that it is in the consolidation phase in a horizontal triangle formation, reflecting the balance between buyers and sellers and market indecision regarding future trends.
Daily Chart Review
Recent price movements suggest that XRP is approaching the lower boundary of the horizontal triangle formation at $0.47 and sellers are struggling to break this important support level. This price zone has served as a strong support area since May 2023 and signals continued buying interest. This could increase the likelihood of a bullish reversal in the medium term, causing prices to rise again towards the upper boundary of the triangle.
However, a decisive break below this milestone could trigger significant selling pressure and lead to a rapid price decline.
Short Term Price Analysis
On the shorter 4-hour time frame, XRP is showing sideways price movements around the $0.47 support, forming a bearish continuation pennant. While this pattern indicates ongoing selling pressures, recent indicators also point to possible bullish scenarios.
4-Hour Chart Analysis
On the 4-hour chart, Ripple is trending towards the lower boundary of the pattern and the critical $0.47 support. A break here could trigger rapid downward movements. However, the MACD indicator displayed a bullish crossover, indicating that upward momentum may be beginning. This bullish signal, together with continued demand at the critical support level, points to a possible medium-term bullish reversal.
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