According to CryptoPotato, the price of Ripple is experiencing an extended phase of sideways consolidation with little volatility. As price approaches the narrow boundaries of the symmetrical triangle pattern, the potential for a significant move in either direction becomes increasingly likely.
A closer look at the 4-hour chart highlights a significant area of support ranging from the critical 0.5 ($0.61) to 0.618 ($0.58) retracement levels. This range continues to act as a strong hedge against attempts by sellers to reduce the price, helping to extend Ripple's sideways consolidation phase. Importantly, this vital support area aligns harmoniously with the lower edge of the wedge, further reinforcing its role as a resilient barrier against selling pressure. A potential fall below this key support range could indicate an imminent major decline for XRP. However, given recent price movements and market sentiment, a breakout of the pattern above the wedge appears to be a more plausible scenario. If successful, the market could experience a significant uptrend aimed at re-establishing the $0.74 resistance threshold.
